Wednesday, July 24, 2013

Port of Vancouver USA approves Tesoro rail project

Port of Vancouver USA approves Tesoro rail project Port of Vancouver USA

In the state of Washington, the Port of Vancouver USA Board of Commissioners unanimously approved a 10-year lease with the Tesoro-Savage Joint Venture (TSJV) for a crude oil handling facility at the port.

The project, proposed by the port's longtime tenant Tesoro in partnership with the logistics company Savage, will bring North American crude oil to the port by rail where it will then be transferred to marine vessels for transport to refineries in California, Washington and Alaska.

Approximately 42 acres of port property will be leased by TSJV to accommodate a rail unloading facility, storage tanks and a vessel loading area. The estimated capital investment by TSJV is $100 million and revenue to the port over the 10-year lease period is expected to exceed $45 million. The facility also is expected to create between 80 and 120 permanent jobs and 250 temporary construction jobs.

With lease approval, the project now moves into the environmental permitting process. Washington's Energy Facility Site Evaluation Council will act as the lead agency for local and state permits and the companies will work through an extensive process, addressing local, state and federal requirements. As with all port tenants, TSJV is required to obtain all necessary permits as a condition of operation at the port.

 

blog comments powered by Disqus