Husky Energy Follows Growing Trend, Expands Crude Oil Storage Capacity in Alberta

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Researched by Industrial Info Resources (Sugar Land, Texas)-- Husky Energy Incorporated (TSX: HSE) (Calgary, Alberta) is about to commence construction on three 300,000-barrel-capacity crude oil storage tanks at its Hardisty, Alberta, crude oil storage terminal. The new tanks will expand the total crude oil storage capacity of the terminal to approximately 3 million barrels at a capital cost of approximately $15 million. Husky Energy has awarded the tank erection contract to the Calgary office of NUSCO Manufacturing, a subsidiary of Altus Energy Services Limited.

Site preparation for the new crude oil tanks is scheduled to begin in late March or early April 2008. Husky Energy expects to complete the first tank in the fourth quarter of 2008, and the second tank is scheduled for completion in the first quarter of 2009. The third tank should be in service by the fourth quarter of 2009. These three new tanks come on the heals of the construction of a single 300,000-barrel crude oil tank Husky Energy completed at the Hardisty terminal approximately a year ago. There is early talk about the construction of an additional three 300,000-barrel crude oil storage tanks in the near future at Husky's Hardisty terminal.

Husky Energy is one of multiple companies in various development and construction phases of new tanks in the Hardisty, Alberta, area. Companies like Kinder Morgan Canada, TransCanada, Gibson, among others, are planning to construct more than 100 new tanks in the Hardisty area in the coming years to facilitate the handling of growing production volumes of bitumen and synthetic crude oil flowing out of the oil sands patch. For what it is worth, the Hardisty crude oil hub will increasingly resemble the Canadian version of the U.S. crude oil storage and trading hub of Cushing, Oklahoma.

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