Keyera Enters Storage and Terminal Business in Cushing
Canadian-based midstream company Keyera Corp. is developing a crude oil storage and blending terminal in Cushing, Okla. The Wildhorse Terminal will include 12 above-ground tanks with 4.5 million barrels of working storage capacity. The majority of the capacity is backed by fee-for-service, take-or-pay storage arrangements ranging from two to six years in length.
Wildhorse will initially be pipeline connected to two existing storage terminals at Cushing. These connections will provide customers with access to the majority of the crude oil streams flowing in and out of Cushing on several major pipeline networks. An affiliate of Lama Energy Group will own 10% of the project. Keyera expects its share of the capital costs to be about US$185 million. LEG will have the option to increase its ownership to up to 30% by the end of 2018.
Keyera’s U.S. subsidiary, Keyera Energy, will oversee construction of the terminal and operate Wildhorse, which is expected to be placed in service by mid-2020.
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