Getka Energy has bought the former Pacer Energy Terminal in Cushing, Oklahoma.
The facility on 28-acres of land contains crude oil storage tanks and several LACT units and is connected to Enterprise Products’ Cushing terminal via pipeline.
The crude oil & logistics provide plans to upgrade the terminal to allow for increased throughput and delivery into the Enterprise terminal and other planned interconnections. Upgrades are expected to take several months, and the company anticipates it will bring the terminal back into service at the end of the fourth quarter 2018.
To allow for these upgrades and expansions, Getka is buying an additional 22 acres in adjoining acreage to bring the company’s total footprint in Cushing to 50 acres.
It will serve as the foundation of the company’s ongoing development of a hub at the Cushing market centre. Getka’s goal is to develop a hub-and-spoke platform of integrated assets that work together to create efficient access to producing basins and expand market delivery and optionality.
The company was formed in early 2018 and is backed by a $250 million commitment from EnCap Flatrock Midstream. It is focused on storage, blending and terminal solutions and is headquartered in Tulsa, Oklahoma.
Getka Energy CEO Dariusz Cichocki says: ‘This is the first step in Getka’s broad strategy to develop a new and sophisticated crude oil delivery platform across Oklahoma.
‘We are looking to add to Cushing’s value and rich history, and we are extremely excited to bring new customers, a unique and enhanced terminal design, and optionality for our customers and the market.’