IMTT Plans More than 1 Million Barrels of Petroleum-Products Storage on Gulf Coast

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Researched by Industrial Info Resources (Sugar Land, Texas)--International Matex Tank Terminals Incorporated (IMTT) (New Orleans, Louisiana) plans to build 13 100,000-barrel refined-petroleum storage tanks at its Saint Rose petroleum-storage terminal in Louisiana. The tanks will have a cone roof design with internal floaters. IMTT is in the permitting stage and has not selected an engineering or construction company.

The approximate capital expenditure related to the new tanks roughly equates $15 million. If this latest round of tanks comes to fruition, then IMTT will have constructed 36 tanks over four years. The tanks will be designed to store products like fuel oil No. 6 and VGO.

IMTT hopes to complete contracts in hand from undisclosed clients and receive permits to begin construction as soon as December. Construction start-up could be pushed into the first quarter of 2008, depending on how long customer negotiations last. The tanks are expected to be complete 12-15 months after the start of construction.

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