New expansion projects will see Westway Terminals global storage capacity rise to 362 million gallons.
A long-term agreement has been signed with a major oil company to lease five new 630,000 gallon tanks that are currently under construction at its Houston 2 terminal. These tanks are expected to be on line and in service starting in November 2010. The expansion will increase the total capacity of the Houston 2 terminal by approximately 3.2 million gallons.
Once this expansion is completed Westway's two terminals in Houston will have a total capacity of approximately 92 million gallons, representing the company's largest investment in its global network of terminal facilities.
A long-term agreement has been signed with a current customer to a 200,000 gallon specialty product tank at our Sioux City, Iowa terminal. Completion of this project is expected by December 2010.
Nine stainless steel tanks totalling approximately 4.2 million gallons of capacity in the aggregate are currently under construction at Westways Amsterdam, Netherlands, terminal with completion expected in Q1 2011. After completion, this facility will have a total capacity of approximately 31 million gallons.
We are ahead of the schedule envisioned at the time of our business combination in 2009 of reaching 370 million gallons by the end of 2011, James B. Jenkins, CEO of Westway Terminals, comments.
Westway currently operates an extensive global network of 62 operating facilities providing approximately 354 million gallons of total bulk liquid storage capacity.