Jan 20, 2004 |
PAA Announces Phase IV 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
FOR IMMEDIATE RELEASE
Plains All American Pipeline, L.P. Announces
Phase IV Expansion of Cushing Terminal Facility
(Houston – January 20, 2004) Plains All American Pipeline, L.P. (NYSE: PAA) announced today that it will proceed with the Phase IV expansion of its Cushing Terminal Facility. Under the Phase IV 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 IV expansion project will expand the total capacity of the facility to approximately 6.3 million barrels and is expected to cost approximately $10 million. The Partnership estimates the project will be completed during the third quarter of 2004.
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 IV expansion project, Plains All American’s Cushing Terminal Facility will consist of sixteen 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 the largest independent owner and operator 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 and liquefied petroleum gas (“LPG”) 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, primarily in Texas, California, Oklahoma and Louisiana and the Canadian Provinces of Alberta and Saskatchewan. 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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