CALGARY, ALTA. – Gibson Energy Inc. has announced it’s sanctioned construction of new tankage at its Edmonton terminal.
The company is slated to build a new 435,000 barrel tank to be placed into service in early 2023.
“We are pleased to announce the sanction of new tankage at our Edmonton Terminal, extending our pipeline of high-quality, long-term infrastructure growth projects. We continue to see the need for additional tankage in Edmonton ahead of the Trans Mountain Pipeline Expansion entering service and remain in discussions with other shippers regarding further opportunities,” Gibson Energy president and CEO Steve Spaulding said in a statement.
“Combined with the other commercial discussions we are having across our asset base, we feel confident in our ability to secure infrastructure growth opportunities at a pace that will ensure we continue to drive meaningful per share growth.”
The company anticipates growth capital in 2021 of approximately $200 million, a release stated, adding “this funding position is largely the result of the sustained growth of the company’s Infrastructure businesses, increasing retained cash flows and further strengthening Gibson’s balance sheet.”