Oiltanking on Wednesday announced its board of directors had approved a $340 million project to add crude oil storage, pipelines and dock infrastructure to its terminal in Beaumont, Texas. The expansion will increase the terminal’s storage capacity by 6.2 million barrels to 11.7 million barrels. Oiltanking expects to begin delivering initial tanks to customers in the third quarter of 2015.
The company is taking advantage of growing demand in the Beaumont-Port Arthur area, where refining capacity stands at 1.5 million barrels per day.
“We believe the market opportunity there is similar to the one we saw a few years ago in Houston when we announced our Houston and Appelt terminal expansions,” said company CEO Ken Owen.
