Press release from CNW Group
Gibson Energy Inc. Announces Additional Storage Tankage
Friday, May 03, 2013
Gibson Energy Inc. Announces Additional Storage Tankage09:00 EDT Friday, May 03, 2013
CALGARY, May 3, 2013 /CNW/ - Gibson Energy Inc. ("Gibson" or the "Company"), TSX: GEI, is pleased to announce that it has received committed customer support for an additional 500,000 bbl crude oil storage tank at the Company's Hardisty Terminal.
This new tank will be constructed on the Company's eastern Hardisty lands along with the two 400,000 bbl tanks announced in September, 2012 and the 300,000 bbl tank (now revised to 400,000 bbl) announced last month. Details are as follows:
- Site preparation and civil work on the eastern Hardisty lands is now underway.
- Expected in-service dates for the new tanks are:
- Mid 2014 for the first 400,000 bbl tank;
- Late 2014 for the second and third 400,000 bbl tanks; and
- Early 2015 for the 500,000 bbl tank.
"The addition of 1.7 million barrels of new storage capacity announced in the last seven months reaffirms the attractiveness of our Hardisty Terminal location for customers as they direct their current and future production to appropriate markets," said Rick Wise, Gibson's Senior Vice President Operations. "We continue to have positive discussions with several customers regarding the further build out of strategic land positions at our Hardisty and Edmonton Terminals. Therefore, we expect near-term organic growth to be largely driven by long-term, fee-based contracted storage tank construction, expanded terminal services and construction of rail infrastructure to facilitate crude oil movements."
Gibson is a large, independent midstream energy company in Canada and an integrated service provider to the oil and gas industry in the United States. Gibson is engaged in the movement, storage, blending, processing, marketing and distribution of crude oil, condensate, natural gas liquids, water, oilfield waste and refined products. Gibson transports energy products by utilizing its network of terminals, pipelines, storage tanks, and trucks located throughout western Canada and through its significant truck transportation and injection station network in the United States. Gibson also provides emulsion treating, water disposal and oilfield waste management services in Canada and the United States and is the second largest retail propane distribution company in Canada.
Certain statements contained in this news release constitute forward-looking information and statements (collectively, "forward-looking statements"). These statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words ''anticipate'', ''plan'', ''contemplate'', ''continue'', ''estimate'', ''expect'', ''intend'', ''propose'', ''might'', ''may'', ''will'', ''shall'', ''project'', ''should'', ''could'', ''would'', ''believe'', ''predict'', ''forecast'', ''pursue'', ''potential'' and ''capable'' and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not undertake any obligations to publicly update or revise any forward looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in "Forward-Looking Statements" and "Risk Factors" included in the Company's Annual Information Form dated March 5, 2013, as filed on SEDAR and available on the Gibson website at www.gibsons.com.
SOURCE: Gibson Energy Inc.
For further information:
Vice President Investor Relations and Communications