Oiltanking Partners’ massive oil expansion project moves forward

A $340 million, 6.2-million-barrel storage facility got the go-ahead on June 11 after owner Oiltanking Partners LP NYSE: OILT received approval from its board of directors.The company said in a release that it had received “strong commercial interest in storage commitments with other potential customers that exceed the remaining project capacity.”Oiltanking said the project would start coming online throughout the first half of 2016, and would begin delivering tanks to its customers as soon as the third quarter of 2015.With the completion of the project, the company’s Beaumont terminal will have storage capacity of about 11.7 million barrels and nearly 35 million barrels companywide.

via Oiltanking Partners' massive oil expansion project moves forward in Beaumont – Houston Business Journal.

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