Plains All American Nears Completion of Paulsboro Petroleum Terminal Expansion

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Researched by Industrial Info Resources (Sugar Land, Texas)--Plains All American Pipeline LP (NYSE:PAA) (Houston, Texas) is nearing completion of a $45 million expansion to its petroleum products terminal in Paulsboro, New Jersey. The first three new refined-products storage tanks are now in service, and the remaining five tanks will enter service in the next month or so. The eight new storage tanks range in size from 90,000 barrels (BBLs) to 150,000 BBLs and will total approximately 1 million BBLs of new refined-petroleum-products storage capacity at Paulsboro.

Plains All American awarded the fabrication and construction contract for Paulsboro to Matrix Service Industrial Contractors Incorporated (Tulsa, Oklahoma), a wholly owned subsidiary of Matrix Service Company (NASDAQ:MTRX) (Tulsa). The turnkey contract included the tankage, related civil, electrical infrastructure and mechanical work related to the expansion. The Paulsboro expansion was one of several major projects for which Plains All American selected Matrix as the primary constructor in the last decade. Some of the other projects included the Cushing terminal, the St. James terminal and the Patoka terminal.

The Paulsboro expansion was just a part of the company's 2008 capital expenditures that totaled some $480 million, of which $420 million was capital and the remaining $60 million was classified as maintenance capital. The capital outlook for Plains All American is currently estimated at $250 million. The firm plans to fund the vast majority of the 2009 capital program by a combination of proceeds associated with planned reductions in crude & LPG inventories, pending asset sales and cash flow in excess of its equity distributions.

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