Press release from Business Wire
NuStar Energy Opens up New Sources of Crude Oil to Trading Hub
<p class=' bwtextaligncenter'> <i><b>St. James Terminal Unloads First Rail Car Shipments of Bakken Crude from North Dakota</b></i> </p>
Friday, April 16, 2010
NuStar Energy Opens up New Sources of Crude Oil to Trading Hub10:13 EDT Friday, April 16, 2010 SAN ANTONIO (Business Wire) -- NuStar Energy L.P. (NYSE: NS) announced today that its St. James, Louisiana terminal has unloaded its first rail car shipments of Bakken crude oil from North Dakota. The company recently invested $2 million in its St. James facility so it can accept crude oil by rail in an effort to bring new sources of crude oil to an area that is quickly becoming the nation's leading crude trading hub. “The Bakken crude oil sources in North Dakota are of critical importance to the United States oil and gas industry,” said NuStar President and CEO Curt Anastasio. “And the region's crude oil producers and marketers are very excited about this project because it provides them with access to a great market that offers pipeline and water access to the refining systems in the Gulf Coast and Midwest. We think there's a lot of potential to market this product through St. James, so we have short-term and long-term plans to increase the amount of crude oil that we can ship there.” The company currently has the ability to bring in approximately 5,000 barrels per day (BPD) by rail on a manifest basis. And through a manifest rail expansion, NuStar will have the ability to expand to bring in 10,000 BPD as Bakken production increases throughout the summer and producers demand additional market outlets. NuStar's long-term strategy is to develop a Unit Train facility to ship inland domestic crude oil as well as Canadian crude oil. In fact, it is already working to secure commitments from various producers and marketers, and finalize rail loading locations so that it can start up the Unit Train in 2011. NuStar Energy L.P. is a publicly traded, limited partnership based in San Antonio, with 8,417 miles of crude oil and refined product pipelines; 82 terminal facilities that store and distribute crude oil, refined products and specialty liquids; four crude oil storage tank facilities; and two asphalt refineries with a combined throughput capacity of 104,000 barrels per day. The partnership's combined system has over 91 million barrels of storage capacity. One of the largest asphalt refiners and marketers in the U.S. and the second largest independent liquids terminal operator in the nation, NuStar has operations in the United States, the Netherlands Antilles, Canada, Mexico, the Netherlands and the United Kingdom. For more information, visit NuStar Energy L.P.'s Web site at www.nustarenergy.com.