February 2020, Vol. 247, No. 2
Projects
Gibson Sanctions Million-Barrel Expansion at Hardisty Terminal
Calgary-based Gibson Energy approved the construction of 1 million barrels of new tankage at its Hardisty Terminal.
Gibson said the expansion will include construction of two new 500,000-barrel tanks at the “Top of the Hill” portion of the Hardisty Terminal. The additional tankage represents an expansion of the fourth phase of development at the Top of the Hill, which will be placed into service by the end of 2020.
The new tankage will be constructed at a capital cost consistent with the Company’s target build multiple of five to seven times EBITDA under long-term, take-or-pay and stable fee-based contracts, Gibson said. One of the tanks is contracted to a new investment-grade refining customer, while the second will be leased to Gibson’s marketing segment under an inter-company agreement with the infrastructure segment.
Gibson placed four new tanks (or 2 million barrels of tankage) into service.
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