Inter Pipeline’s bulk liquid storage segment increased its funds from operations by 22% in 2016.
This record result of $120 million includes the first full-year of operations from Inter Terminals Sweden and higher overall demand for storage services.
Annual capacity utilisation rates were very strong across Inter Terminals, with utilisation of 98% for the year, compared with 94% in 2015.
This was a result of executing a number of new storage contracts throughout the year. In addition, several capacity addition projects were also initiated including the construction of 175,000 barrels of new chemical storage capacity at the Seal Sands Terminals in the UK. This is expected to be completed by mid-2017.
In this segment, funds from operations in the fourth quarter of 2016 were $28.9 million. Fourth quarter utilisation rates averaged 99%, an increase of 2% compared to 97% in the fourth quarter of 2015.