Gibson Energy has announced it has sanctioned the construction of two tanks, representing 870,000 barrels of new tankage, at its Edmonton Terminal underpinned by a 15 year take-or-pay and stable fee-based contract agreement with Cenovus Energy Inc., an investment grade, senior integrated oil sands customer.
Steve Spaulding, president and CEO at Gibson Energy says: ‘Gibson is very pleased with the sanction of two new tanks at our Edmonton Terminal…With this sanction we currently have three tanks under construction at our Edmonton Terminal, representing 1.3 million barrels of storage. Combined with other smaller projects that have materialised across our asset base, we now have line of sight to reaching up to $150 million (€120 million) in growth capital in 2023 and will also carry additional capital commitments into 2024.’
The project will include the construction of two 435,000 barrel tanks as well as significant supporting infrastructure at the Edmonton Terminal and is expected to be placed into service in late 2024.
