Business
Gibson Energy Inc. and GT Logistics, L.L.C. Announce Joint Venture Discussions
CALGARY, Aug. 28, 2012 /CNW/ - Gibson Energy Inc. ("Gibson") TSX: GEI, and GT Logistics,...
About this update from Gibson Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\n\n\n\nCALGARY, Aug. 28, 2012 /CNW/ - Gibson Energy Inc. (\"Gibson\") TSX: GEI,\n and GT Logistics, L.L.C. (\"GTL\"), announced today that they are\n currently in discussions regarding the formation of a joint venture\n (the \"Joint Venture\") to develop, construct and operate a storage\n terminal, to be combined with GTL's recently completed rail\n transloading facility with barge loading capability, for natural gas\n liquids, crude oil and other related products.\n\n\nThe 200-acre Port Arthur, Texas, site upon which the storage terminal\n would be built is part of a larger, approximately 1,100 acre parcel\n held by an affiliate of GTL for multimodal logistical development, and\n is attractive due to its close proximity to the refining industry and\n pipeline network. GTL has recently commissioned a state-of-the-art unit\n train-to-barge transloading facility on the site, serviced by Union\n Pacific. The next phase of the development would be to construct crude\n oil tank storage and pipeline connections. GTL has begun initial\n engineering, design and permitting studies, and anticipates that the\n proposed Joint Venture would commence construction of the storage\n terminal in 2013.  The existing crude rail-to-barge transloading assets\n and business are expected to be contributed to the proposed Joint\n Venture by GTL.\n\n\nGibson expects to immediately initiate discussions with potential\n customers and subscribers for services at the storage terminal which\n would feature a multi-barge receiving dock on Taylor's Bayou,\n convenient highway access and planned connectivity to the extensive\n network of pipelines serving the region.\n\n\n\"The strategic location of the storage terminal near the proposed\n terminus of TransCanada's Keystone XL pipeline, combined with a unit\n train capable crude receipt facility, would provide an excellent\n opportunity to expand Gibson's integrated services in the United\n States\", said Michael McGowan, Vice President Business Development of\n Gibson. \"If the proposed Joint Venture proceeds and the storage\n terminal were to be completed, it would enable us to connect our access\n to crude and infrastructure at Gibson's Hardisty, Alberta, hub with\n consumer markets in the Gulf Coast refinery complex.\"\n\n\nBart Owens, GTL Vice President commented, \"Gibson's operational\n ex...