CALGARY, Jan. 15, 2018 /CNW/ – Keyera Corp. (TSX:KEY) (“Keyera”) today announced the startup of the Base Line Terminal (the “Terminal”), an above-ground crude oil storage terminal adjacent to its Alberta EnviroFuels facility near Edmonton, Alberta. The first four tanks are now in service with the remaining eight tanks expected to be phased into service throughout 2018. The Terminal is a 50-50 joint venture in affiliation with Kinder Morgan Canada Limited (TSX:KML) (“Kinder Morgan”) and will provide customers with a total of 4.8 million barrels of crude oil storage capacity.
“The Base Line Terminal is a great addition to our diversified portfolio of assets,” said David Smith, Keyera’s President and CEO. “This new business provides Keyera with stable fee-for-service cash flows fully underpinned by several take-or-pay agreements up to 10 years in length with creditworthy counterparties. We are pleased to have partnered with Kinder Morgan by combining our complementary assets and areas of expertise to meet customer needs.”
The total Base Line Terminal project is currently on time and on budget. Up to an additional 1.8 million barrels of crude oil storage capacity may be added to the Terminal, depending on future customer demand.
Keyera Corp. (TSX:KEY) operates one of the largest midstream energy companies in Canada, providing essential services to oil and gas producers in the Western Canada Sedimentary Basin. Its predominantly fee-for-service based business consists of natural gas gathering and processing, natural gas liquids processing, transportation, storage, marketing, iso-octane production and sales, and an industry-leading condensate system in the Edmonton/Fort Saskatchewan area of Alberta. Keyera strives to provide high quality, value-added services to its customers across North America and is committed to conducting its business ethically, safely and in an environmentally and financially responsible manner.
About Kinder Morgan Canada Limited
Kinder Morgan Canada Limited (TSX:KML) Kinder Morgan Canada Limited operates a business, comprising a number of pipeline systems and terminal facilities including the Trans Mountain pipeline, the Canadian portion of the Cochin pipeline, the Trans Mountain Puget Sound pipeline, Trans Mountain Jet Fuel pipeline, the Westridge Marine and Vancouver Wharves terminals in British Columbia as well as various crude oil loading facilities in Edmonton, Alberta. The Trans Mountain pipeline currently transports approximately 300,000 barrels per day (bpd) of crude oil and refined petroleum products from the oil sands in Alberta to Vancouver, British Columbia and Washington state. On November 29, 2016, the Government of Canada granted approval for the $7.4 billion Trans Mountain Expansion Project, to increase the nominal capacity of the system to 890,000 bpd.