CALGARY, Sept. 17, 2012 /CNW/ - Gibson Energy Inc. ("Gibson" or the
"Company"), TSX: GEI, announced today two expansion opportunities at
its Hardisty Terminal near Hardisty, Alberta.
Subsequent to the previously announced open season process, the Company
has received sufficient, long-term, committed customer support to begin
construction of two 400,000 bbl oil storage tanks for an aggregate
addition of 800,000 bbls of storage. Located immediately adjacent on
the East boundary of the existing Gibson's Hardisty Terminal, the two
tanks will form the initial anchor for an expansion of the facility.
The new tanks will be well connected to third party receipt pipelines
and facilities and will have connectivity to all current export
pipelines from Hardisty. They will also benefit from the synergies and
operational flexibility provided by Gibson's existing Hardisty Terminal
complex. Site preparation for the two 400,000 bbl tanks is scheduled to
start in the fourth quarter of 2012. Commissioning is expected to occur
in early 2014.
"This initial development on our eastern lands at Hardisty Terminal
starts to take advantage of the Company's strategic 184 acre
undeveloped land position in the area," said Rick Wise, Gibson's Senior
Vice-President Operations. "We expect continued growth at our Hardisty
Terminal as oil sands and conventional oil production continue to
develop at an accelerated pace."
Gibson also announced today that it has signed a Letter of Intent with a
major unit train developer to explore unit train shipments from the
Hardisty area. The proposed facility would use Canadian Pacific's North
Main Line for transporting crude by rail to markets across North
Gibson is one of the largest independent midstream energy companies in
Canada and a major participant in the crude oil transportation business
in the United States, and is engaged in the movement, storage,
blending, processing, marketing and distribution of crude oil,
condensate, natural gas liquids, and refined products. Gibson
transports hydrocarbons by utilizing its integrated network of
terminals, pipelines, storage tanks, and truck fleet located throughout
western Canada and the United States. Gibson is also involved in the
processing, blending and marketing of hydrocarbons, provision of water
disposal and oilfield waste management services and is the second
largest retail propane distribution company in Canada.
Certain statements contained in this news release constitute
forward-looking information and statements (collectively,
"forward-looking statements") including, but not limited to, the
development of the unit train facility and management's expectations
with respect to the potential synergies and opportunities that the two
tanks may receive from the existing Hardisty Terminal complex. These
statements relate to future events or the Company's future performance.
All statements other than statements of historical fact are
forward-looking statements. The use of any of the words ''anticipate'',
''plan'', ''contemplate'', ''continue'', ''estimate'', ''expect'',
''intend'', ''propose'', ''might'', ''may'', ''will'', ''shall'',
''project'', ''should'', ''could'', ''would'', ''believe'',
''predict'', ''forecast'', ''pursue'', ''potential'' and ''capable''
and similar expressions are intended to identify forward-looking
statements. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or events
to differ materially from those anticipated in such forward-looking
statements. No assurance can be given that these expectations will
prove to be correct and such forward-looking statements included in
this news release should not be unduly relied upon. These statements
speak only as of the date of this news release. In addition, this news
release may contain forward-looking statements and forward-looking
information attributed to third party industry sources. The Company
does not undertake any obligations to publicly update or revise any
forward looking statements except as required by securities law. Actual
results could differ materially from those anticipated in these
forward-looking statements as a result of numerous risks and
uncertainties including, but not limited to, the unit train facility
not being developed at all, failure to obtain the necessary regulatory
and third party approvals required in order to develop the unit train
facility and the related infrastructure and the risks and uncertainties
described in "Forward-Looking Statements" and "Risk Factors" included
in the Company's Annual Information Form dated March 6, 2012 as filed
on SEDAR and available on the Gibson website at www.gibsons.com.
SOURCE: Gibson Energy Inc.
For further information:
Vice President Investor Relations and Communications