Newspaper article THE JOURNAL RECORD

Plains Resources to Expand Cushing Oil Storage Facility

Newspaper article THE JOURNAL RECORD

Plains Resources to Expand Cushing Oil Storage Facility

Article excerpt

HOUSTON (JR) -- Plains Resources will construct an additional 1 million barrels of tankage at its crude oil storage and terminal facility in Cushing.

The Houston-based company on Wednesday said it has received both regulatory and board approval. Construction of the expansion project should begin within the next three months and is expected to be completed in early to mid-1999 at a total cost of $10 million.

Cushing is the official designated delivery point for crude oil futures contracts traded on the New York Mercantile Exchange. Plains is the largest independent owner and operator of storage and terminalling capacity in Cushing and its facility is an approved NYMEX delivery location. The expansion project will increase Plains' existing capacity by 50 percent and will consist of four tanks having shell capacity of 250,000 barrels each, said Harry N. Pefanis, executive vice president-midstream. "This expansion project will enable Plains to better service the needs of its existing customers and position it to handle increased varieties and grades of crude oil in Cushing," he said. …

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