Feb 02, 2005 |
PAA Announces Phase V Expansion of Cushing Terminal Facility |
Contacts:
Phillip D. Kramer
Executive Vice President and CFO
713/646-4560 – 800/564-3036
A. Patrick Diamond
Manager, Special Projects
713/646-4487 – 800/564-3036
Plains All American Pipeline Announces Phase V Expansion of Cushing Terminal Facility
(Houston – February 2, 2005) Plains All American Pipeline, L.P. (NYSE: PAA) announced today that it is proceeding with the Phase V expansion of its Cushing Terminal Facility. Under the Phase V expansion, Plains All American will construct approximately 1.1 million barrels of additional tankage at its crude oil storage and terminal facility located in Cushing, Oklahoma. The Phase V project will expand the total capacity of the facility to approximately 7.4 million barrels and, including site preparation and additional manifold modifications, is expected to cost approximately $13 million. The Partnership estimates the new tankage will become operational during the fourth quarter of 2005.
Plains All American’s Cushing Terminal is one of the most modern, large-scale crude oil terminalling facilities in the United States, incorporating environmental safeguards and operational enhancements designed to safely and efficiently terminal, store, aggregate and segregate large volumes and multiple varieties of both foreign and domestic crude oil. Upon completion of the Phase V expansion project, Plains All American’s Cushing Terminal Facility will consist of twenty 270,000 barrel tanks, four 150,000 barrel tanks, fourteen 100,000 barrel tanks and a manifold and pumping system capable of handling up to 800,000 barrels of crude oil throughput per day.
Cushing, Oklahoma, is the official designated delivery location for crude oil futures contracts traded on the New York Mercantile Exchange. Plains All American is one of the largest independent owners and operators of storage and terminalling capacity in Cushing and its facility is an approved NYMEX delivery location.
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties. These risks and uncertainties include, among other things, unanticipated shortages or cost increases in power supplies, materials and skilled labor, weather interference with business operations or project construction, and other factors and uncertainties inherent in the marketing, transportation, terminalling, gathering and storage of crude oil discussed in the Partnership’s filings with the Securities and Exchange Commission.
Plains All American Pipeline, L.P. is engaged in interstate and intrastate crude oil transportation, terminalling and storage, as well as crude oil and LPG gathering and marketing activities, in the United States and Canada. The Partnership’s common units are traded on the New York Stock Exchange under the symbol “PAA.” The Partnership is headquartered in Houston, Texas.
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