A Louisiana oil port is looking to build additional storage to expand its tank farm.
The Louisiana Offshore Oil Platform (LOOP) is one of the largest private storage facilities in the US. It currently has an above ground tank farm that can hold 7.2 million barrels and wants to add further tanks.
Barb Hestermann, business development representative for LOOP said: We have been talking to people over the past couple of months to see if there is additional interest for people needing their own tankage.
Hestermann stated that LOOP has been considering a new storage facility prior to the new sour, lower quality crude, futures contract.