TEPPCO Nears Construction of Crude Oil Tanks in Oklahoma

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Researched by Industrial Info Resources (Sugar Land, Texas)-- TEPPCO Partners LP (NYSE:TPP ) (Houston, Texas), a subsidiary of TEPPCO Crude Oil Pipeline LLC, is nearing the construction phase on its Cushing West crude oil terminal expansion in Cushing, Oklahoma. TEPPCO intends to begin construction on five 600,000-barrel crude oil storage tanks in mid-October. TEPPCO had recently completed the construction of three 300,000-barrel capacity crude oil storage tanks at its Cushing East crude oil terminal, bringing the total number of crude tanks at that location to 11.

TEPPCO has awarded the construction and fabrication-services contract of the new tanks to Matrix Service Incorporated (NYSE:MTRX ) (Tulsa, Oklahoma). The tanks will be made of carbon steel and have external floating roofs. Matrix is completing the engineering and expects to begin the civil work on the $30 million-plus expansion in October. Completion of the five tanks will be staggered, with the final tank being completed some time in early 2009.

Cushing, Oklahoma, is often thought of as the crude oil pipeline “crossroads of the world” as far as pricing crude on the market, as well as providing crude oil transportation services to much of the U.S. east of the Rocky Mountains. The pipelines that traverse Cushing connect those terminals to crude oil markets from the Gulf coast to the Midwest. In the next few years, several new pipelines will connect Cushing with the burgeoning crude production area of the oil sands region of Alberta, Canada.

TEPPCO’s new crude oil tanks are part of the $162 million of crude-oil-terminal-related projects that Industrial Info is tracking in Cushing, Oklahoma.

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