SemCrude LP Constructing New Crude Oil Storage Tanks in Oklahoma with More to Come

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Researched by Industrialinfo.com (Industrial Information Resources, Incorporated; Houston, Texas). SemCrude (Oklahoma City, Oklahoma) is presently expanding its crude oil terminal in Cushing, Oklahoma (Plant 1063546). SemCrude began the greater than $10 million expansion in early 2004 and expects to complete the new tanks in December. The expansion consists of four new 194 feet in diameter by 48 feet high crude oil storage tanks with a net storage capacity of 213,000 barrels each.

SemCrude awarded the construction contract for this phase of expansion to Matrix Service Company (Nasdaq:MTRX)(Tulsa Okalahoma).

SemCrude is also in the early stages of planning for a second phase of capacity expansion (PEC 08001123). This future phase of expansion will entail the construction of five new crude oil storage tanks repeating the 213,000 net barrel size. SemCrude expects to begin construction on the second phase in 2006 or 2007 at the latest. There are early discussions of a third phase, which will deem necessary the purchase of new land and could possibly be larger in scope than the first two phases combined, but would not take place until nearly the end of the decade.

SemCrude LP currently operates four million barrels of storage capacity in Oklahoma, Kansas, East Texas and Louisiana and is a subsidiary of SemGroup LP (formerly the Seminole Group) (Tulsa, Oklahoma).