Tank Storage Magazine North American Edition 2017

North American Edition 2017

FULFILLING HOUSTON’S STORAGE POTENTIAL Fairway Energy is helping to create a more efficient crude oil market with its underground storage caverns

THE STORAGE AND TRANSPORT GAMES Infrastructure investments are being made to capitalise on Mexico’s lack of refining capacity

NORTH AMERICAN EDITION

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CONTRIBUTORS

Contributors NORTH AMERICAN EDITION 2017

North American Edition 2017

FULFILLING HOUSTON’S STORAGE POTENTIAL Fairway Energy is helping to create a more efficient crude oil market with its underground storage caverns

THE STORAGE AND TRANSPORT GAMES Infrastructure investments are being made to capitalise on Mexico’s lack of refining capacity

NORTH AMERICAN EDITION

The voice of the storage terminal industry

PUBLISHER Margaret Dunn t: +44 (0)20 3551 5721 e: margaret@tankstoragemag.com

EDITOR Jasmin McDermott t: +44 (0)20 3196 4402 e: jasmin@tankstoragemag.com

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Tank Storage Magazine (ISSN 1750-841X) is published six times a year (in February, March, May, August, October and November) by Easyfairs UK Ltd, 2nd Floor, Regal House, 70 London Road, Twickenham, TW1 3QS, UK. The 2017 US Institutional subscription prices is $243. Airfreight and mailing in the USA by Agent named Air Business, C/O Worldnet Shipping USA Inc., 155-11 146th Street, Jamaica, New York NY11434.

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NORTH AMERICAN EDITION 2017

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CONTENTS AND COMMENT

Contents News 04

Terminal news: North America

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Tank terminal update: North America

Terminal profiles 18

Investing in a flourishing market As the chemical industry experiences a resurgence in the US, Stolthaven Houston is positioning itself to meet growing demand for infrastructure

20 Fulfilling Houston’s storage potential

Following the completion of 7.5 million barrels of underground cavern storage capacity, Fairway Energy is focusing on creating an extensive distribution network to support Houston’s thriving crude oil market

Market analysis 25

29

The storage and transport games

29 The rupture ripple effect 33 From demand pull to supply push 37 Turbulent times

24 18

Technical features 41

Technical news

44 Advertisers’ index

Positive optimism

T

he US oil market story over the past ten years has certainly been an interesting one. The resurgence of crude production has essentially flipped supply chain logistics and the country has swung from peak oil to a supply glut. Shale drilling activity also continues a pace and the country is now regarded as a ‘swing producer’ in the global market.

The market is also reaping the benefits of unrestricted exports to various corners of the globe and is also exploring the raft of opportunities that Mexico’s liberalised energy market brings.

This paradigm shift is excellent news for those of us in the terminal business, as the additional refining capacity and further buildout of pipelines means a growing need for more storage.

However, the market is not immune from turbulence as it grapples with the effects of the OPEC production cut, the looming IMO sulphur fuel regulations and a political shift to President Trump’s ‘America first’ energy stance.

Within this edition, we examine how these market

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trends are reflected in the US oil market, how the shift from demand pull to supply push is creating favourable conditions for operators as well as providing a comprehensive look at Mexico’s energy sector.

We also speak exclusively to Fairway Energy following the completion of Phase 1A of its underground cavern storage facility and how it is supporting a need in Houston for a more efficient crude oil market as production soars.

Stolthaven Houston is also benefiting from an increasing demand for logistical infrastructure on the back of a flourishing chemical industry. The company has announced plans to construct a new ship dock as part of its future plans for the facility, which also involves the development of its east property site.

There is always plenty going on in the US market and we hope you enjoy this dedicated edition examining more about this fascinating region.

With best wishes, Jasmin

NORTH AMERICAN EDITION 2017

CONTENTS AND COMMENT

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TERMINAL NEWS l NORTH AMERICA

TERMINAL NEWS NORTH AMERICA All the latest storage news from North America

IMTT to acquire Epic Midstream International-Matex Tank Terminals is set to acquire Epic Midstream.

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he acquisition from affiliates of White Deer Energy and Blue Water Energy, values Epic at $171.5 million and is expected to close in the third quarter of 2017.

Epic has a portfolio of seven terminals in the US southeast and southwest, with principle operations in Savannah, Georgia. Storage capacity comprises 3.1 million barrels of refined petroleum, asphalt, biofuels and chemical storage capacity.

Richard Courtney, CEO of IMTT, says: ‘The addition of Epic adds an exciting new dimension

to IMTT. Together with a greatly expanded product line – jet fuel – Epic provides us with a presence in the strategically important Port of Savannah, some exciting new customer relationships and an energetic team.’

David Vattimo adds: ‘IMTT and Epic are a great fit, commercially and culturally. We have put a tremendous amount of effort into improving and leasing the Epic assets over the past several years – we think both the team and the tanks will prove to be a great addition to IMTT.’

Phillips 66 announces additional crude storage Phillips 66 plans to construct an extra 2.2 million barrels of crude storage at its Beaumont Terminal on the US Gulf Coast.

So far, 1.2 million barrels of product storage has been placed into service at the facility during the second quarter of 2017. Expansion of the terminal’s export facilities, which would take it from a current capacity of 400,000 barrels per day to 600,000 barrels per day, is due to be completed in the first quarter of 2017.

Additionally, the company is progressing with its Bayou Bridge Pipeline segment from Lake Charles to St. James, Louisiana, with commercial operations expected to start in the first quarter of 2018.

DCP Midstream is expanding the Sand Hills NGL Pipeline capacity to 365,000 barrels per day, with an expected completion date in the fourth quarter of 2017.

Together with a greatly expanded product line – jet fuel – Epic provides us with a presence in the strategically important Port of Savannah

US crude production expected to reach record high Total US crude oil production is expected to exceed the record high set in 1970.

According to the US Energy Information Administration (EIA), production is forecast to average 9.3 million barrels per day (b/d) in 2017, an increase of 500,000 b/d from 2016.

In 2018, the EIA expects production to reach 9.9 million b/d, which would surpass the previous record of 9.6 million b/d set in 1970.

It is forecast that most of this growth will come from right rock formations within the Permian region in Texas as well as from the Federal Gulf of Mexico.

In the EIA’s July Short term energy outlook, the Permian region is expected to produce 2.9 million b/d of crude oil by the end of 2018, representing nearly 30% of total US crude oil production in 2018.

Tallgrass Energy announces acquisitions & growth projects Tallgrass Energy Partners has acquired a stake in a Cushing crude oil terminal as well as a series of deals that will expand its Pony Express pipeline.

The company recently acquired an additional 49% interest in the Deeprock Development crude oil terminal at Cushing, Oklahoma, increasing its overall stake to 69%.

Deeprock is a 2.3 million barrel crude oil storage facility which has Kinder Morgan and Deeprock Energy Resources as joint partners.

The company says its believes the acquisition will allow it to more effectively pursue the development and growth of its potential crude oil terminal project located on 550 acres in South Cushing.

Additionally, Tallgrass has made several significant commercial deals to expand and strengthen its Pony Express crude oil pipeline position, including a successful open season to secure committed shipper contracts for crude oil transportation of a new common stream.

It also signed an agreement with CHS to connect the 100,000 barrels per day CHS McPherson refinery to Pony Express’ mainline.

Tallgrass Terminals has also obtained a signed, 10-year take-or-pay

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agreement from a new customer to support the construction of a new terminal in the Central Kansas uplift. Pony Express will establish a new supply connection at the new terminal and another new common stream of crude oil on its mainline. Tallgrass will build terminaling facilities designed to receive Kansas crude oil production with delivery capabilities in excess of 20,000 barrels per day into the Pony Express mainline.

Completion of the facilities is expected in the first quarter of 2018.

Matt Sheehy, Tallgrass Energy’s CCO, says: ‘We believe all of this work further positions Pony Express as the most diverse and capable crude oil transportation and logistics system in the regions in which it operates.

‘Diversity of supply and delivery points, multiple batch shipment capability, readily available expansion capacity and an attractive tariff rate solidify Pony Express as a critical part of the country’s crude oil midstream infrastructure that will be utilised for decades to come.’

NORTH AMERICAN EDITION 2017

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TERMINAL NEWS l NORTH AMERICA

LOOP looks to export crude from its marine terminal The Louisiana Offshore Oil Port is looking to offer contracts to export crude from its deepwater marine terminal on the US Gulf Coast.

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urrently, crude stored at the largest privately owned crude terminal in the US is exported via terminals at St. James and crude arrives at St James via a LOOP-operated pipeline. The new services would be its first for exports and could be available by early 2018.

The facility would have capacity to load VLCC’s and the new service would provide connectivity from its Clovelly Hub in Louisiana to its deepwater port offshore in Port Fourchon.

LOOP says that it will modify its current infrastructure to make the facility capable for exports.

Tom Shaw, LOOP’s president, says: ‘Today, customers are seeking the optionality to safely and efficiently load or offload, which is a natural request for a port. This service offers our customers the scalability to fully load a VLCC.’

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TERMINAL NEWS l NORTH AMERICA

Valero & IEnova sign contracts for Mexican storage terminal IEnova and Valero have signed capacity contracts for a refined products storage terminal in the Port Veracruz, Mexico.

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n July, IEnova won a bid for a 20-year concession to build and operate a $155 million marine terminal for the receipt, storage and delivery of refined products.

The company has since executed the agreement, which includes the transfer of the waterfront lot where the terminal will be built, by the end of 2017.

Additionally, IEnova will build and operate two storage terminals that will be located near Puebla and Mexico City and will have initial storage capacities of 500,000 and 800,000 barrels respectively. The capacity of both these terminals has also been contracted with Valero.

The global project, including the marine terminal and two in-land terminals, represents a $275 million investment.

Valero plans to import refined products

including petrol, diesel and jet fuel, and store them at the Veracruz Marine Terminal. These products will then be distributed by truck and transported to Puebla and Mexico City by rail.

In a statement, IEnova says these assets will contribute to the reliability of supply of refined products in central Mexico.

IEnova will be responsible for the implementation of the projects. The two in-land terminals will start operations during 2019 and the marine terminal in Veracruz at the end of 2018.

Carlos Ruiz Sacristán, CEO and chairman of the board of IEnova, says: ‘Mexico will require important investments in the transportation and storage of refined products in the next years, and IEnova is ideally positioned to become a leader.’

Joe Gorder, Valero’s chairman, president

and CEO, adds: ‘With the recent constitutional reform, it is now possible for Valero to import refined products directly into Mexico for further distribution, including branded sales. This transaction will enable us to extend our supply chain to efficiently supply petrol, diesel and jet fuel to the growing Mexican market.’

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TERMINAL NEWS l NORTH AMERICA

Port of Corpus Christi approves land agreement for storage terminal The Port of Corpus Christi has given the green light for a long-term lease agreement, enabling Howard Energy to build a petroleum storage terminal.

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he 30-year lease agreement with Maverick Terminals Corpus, a subsidiary of Howard Energy Partners, allocated 41 acres of the inner harbour to the operator.

Howard Energy plans to design, construct and operate a rail terminal, and a petroleum

and petroleum products storage facility. It is intended that the facility is connected with its proposed Dos Aguilas pipeline to Monterrey, Mexico. As part of the lease agreement, the port authority will design and construct a new oil dock.

The dock facility will initially serve Mexico’s transportation fuel demand by rail, with an estimated target of at least two to three unit trains per week. Once the Dos Aguilas pipeline is permitted, constructed, and in service, significantly more volume is anticipated. The dock is targeting crude exports to international markets and will have Suezmax capability.

The continued growth in both Eagle Ford and Permian Basin productions and growing global energy demand, particularly in Mexico, Corpus Christi is emerging as the energy port of the Americas.

Brad Bynum, Howard Energy Partners co-founder and president, says: ‘This lease marks a strategic and significant expansion of our terminal network, not only for refined products but for crude oil.’

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TERMINAL NEWS l NORTH AMERICA

Pin Oak Terminals’ starts operations at Louisiana terminal Operations have started at Pin Oak Terminals’ new multi-product liquid marine terminal in Louisiana.

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he $600 million investment comprises storage terminals, docks and related infrastructure on a 431 acre parcel of land along the east bank of the Mississippi River at Mount Airy.

The facility is initially beginning operations with one dock, a two-bay truck rack and four tanks, with a capacity of 424,000 barrels of refined products and biofuels.

Pin Oak’s services include offloading, storage, heating, blending and transfer of petroleum liquids. The company’s permits allow construction of up to 10 million barrels of storage and unit-train loops at the site, which is positioned for shipping products by rail, pipeline, barge, ship and truck.

Michael Reed, Pin Oak’s CEO, says: ‘Pin Oak Terminals is a 15-year-old dream come true which is now being fully supported by the market. Customers have signed agreements for up to almost 4 million barrels for this new grass-roots terminal.’

Louisiana governor John Bel Edwards, says: ‘Today’s official opening of the Pin Oak Terminals is a testament to the continued strength of our energy and chemical corridor.’

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TERMINAL NEWS l NORTH AMERICA

USD Partners benefits from storage terminal acquisition USD Partners’ acquisition of the Stroud terminal will help drive additional commercial opportunities.

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n its second quarter financial results, the company says it believes the Stroud terminal represents ‘one of the most advantaged rail destinations for Western Canadian crude oil given established connectivity from Cushing to multiple refining centers across the US, including underutilised pipelines to major refining centres along the Gulf Coast’.

Through the acquisition, USD has established a rail-to-pipeline solution from Western Canada. It is supported by a new customer and multi-year take-or-pay cash flows.

Dan Borgen, CEO, says: ‘Our Stroud terminal acquisition demonstrates the ongoing value of rail takeaway solutions for Western Canada’s vast crude oil resource. We believe our origin-to-destination capabilities and rail-to-pipeline solutions will drive additional commercial opportunities at the partnership, particularly as current production normalises and grows, new projects are brought online and available takeaway capacity becomes constrained.’

The 76-acre terminal was bought on June 2.

The company recorded its adjusted EBITDA of $15.1 million and its net income at $8.4 million in its second quarter 2017 results.

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NORTH AMERICAN EDITION 2017

TERMINAL NEWS l NORTH AMERICA

20TH MARCH 2018

CRUISE TERMINAL ROTTERDAM RECOGNISING AND REWARDING EXCELLENCE IN THE STORAGE SECTOR

THE JUDGES

James Foster

Jonathan Silk

Trading Manager, BP Oil International

Technical Manager, Oiltanking Odfjell Terminal Oman

Keith Jackson

Oliver Stanelle

Operations Director, InterTerminals

General Manager Central Engineering, Oiltanking

Niels Van Bladeren

Laurent Hatzopoulos

Margit Blok

Roel Brouwer

Corne van de Reijt

Erik van Ommeren

Chief Financial Officer, LBC Tank Terminals

International Technical Advisor, Vopak

Manager, Third Party Storage, Shell Trading

Global Manager, Project Management, Vopak

Global HSE Director, VTTI

Technical Director, Koole Tank Storage & Transport

Tickets sold out in 2017 – book yours now at www.tankstoragemag.com/awards NORTH AMERICAN EDITION 2017 For any enquiries please contact margaret@tankstoragemag.com

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TERMINAL NEWS l NORTH AMERICA

Buckeye TYR Energy acquires Texas financials railroad terminal benefit from VTTI T acquisition

TYR Energy Logistics has acquired the Bronco Road Railroad Terminal in Corpus Christi, Texas.

Buckeye Partners’ acquisition of a 50% stake in VTTI was a primary driver for its year-overyear improvement in its adjusted EBITDA.

H

owever, its legacy business encountered some challenges during the second quarter according to chairman, president and CEO Clark Smith.

The decline in capacity utilisation in its global marine terminals segment was due to the exit of a long-term customer from one of its facilities. Work is underway to re-contract open storage capacity within this segment.

However, its domestic pipelines and terminal segment benefits from increased pipeline tariffs and contributions from growth capital investments that drove pipeline and terminal throughput volumes.

Smith says: ‘We did, however, experience higher integrity and other project-related spending during the more temperate spring and summer months in this segment. Our merchant business continues to contribute positive returns and drive utilisation across our system, although the contribution for the quarter was impacted by lower rack margins and weaker market conditions.’

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he terminal is the only rail terminal in Corpus Christi that is directly connected to the Kansas City Southern Line, which is the sole rail provider to all major markets in Northeastern and central Mexico.

The railroad terminal has five miles of track and is unit train compatible following a series of renovations and upgrades.

TYR is finalising a deal that will give the terminal direct access to dock facilities on the south side of the Port of Corpus Christi. The company plans to connect the rail terminal to the port via pipeline and truck to allow a two-way flow of product for the import and export from several supply markets.

CEO Aaron Ball says: ‘We have upgraded and optimised existing infrastructure and are shipping refined fuels to Mexico now.

‘Kansas City Southern is unique in its ownership of an extensive line on both sides of the

US –­ Mexico border. We also view rail as the most reliable and secure form of refined fuels transportation in Mexico.’

ArcLight Capital in storage terminals JV with BP ArcLight Capital Partners has entered into a joint venture with BP West Coast Products, which will involve the acquisition of two storage terminals.

The joint venture agreements cover refined product logistics infrastructure assets in the US Pacific Northwest.

The two large-scale refined product terminals are in Seattle, Washington and Portland, Oregon.

The transaction is expected to close in late 2017.

TLP Management Services will operate the terminals under a multi-year operating agreement.

Separately, ArcLight intends to grant TransMontaigne Partners a right of first offer to purchase Arclight’s interest in the joint venture.

Inter Pipeline’s storage segment suffers lower throughput Funds from Inter Pipeline’s bulk liquid storage segment declined in the second quarter of 2017 as a result of lower throughput and unfavourable foreign exchange rates.

The segment generated funds from operations of $25.3 million in the second quarter of 2017, a decrease from $29.6 million in the same period in 2016.

The company says that while utilisation rates were at 98%, compared to 97% in the same period last year, a decrease in throughput activity and the unfavourable foreign exchange rates contributed to lower funds from operations.

In June, the company commissioned 175,000 barrels of new chemical storage capacity at the Seal Sands terminal in the UK, comprising of five tanks. These tanks are supported by long-term contracts.

Overall, the company’s funds from operations increased by 5% over the second quarter of 2016 to $207 million.

NORTH AMERICAN EDITION 2017

TERMINAL NEWS l NORTH AMERICA

NORTH AMERICAN EDITION 2017

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TANK TERMINAL UPDATE l NORTH AMERICA

TANK TERMINAL UPDATE NORTH AMERICA USD Partners Location: Products: Capacity: Investment: Construction/expansion/ acquisition: Comment:

ArcLight Capital Partners, BP West Coast Products Stroud, Oklahoma Crude oil Two 70,000 barrel tanks $25 million The acquisition of the terminal will enable the shipment of crude from USD’s Hardisty terminal to Cushing The facility is located on 76 acres and includes 104 railcar spots and one truck bay

Houston Fuel Oil Terminal Company Location: Products: Capacity: Completion: Construction/expansion/ acquisition:

Comment:

US Gulf Coast Crude oil, refined products 16.8 million barrels Third quarter of 2017 The acquisition by SemGroup Corporate will allow the company to capture future trends in exporting crude oil & refined products from the US’ shale production The facility undergoing growth projects including a new ship dock, new pipeline and an additional 1.45 million barrels of crude oil storage

Howard Midstream Energy Partners, WPX Energy Location: Products: Construction/expansion/ acquisition:

Comment:

Delaware Basin Crude oil, natural gas Howard will complete construction of a 50 mile crude oil gathering system, a new cryogenic natural gas processing complex & associated natural gas and product pipelines The 50/50 joint venture is support by an area of mutual interest of more than 600 square miles in Texas

Enterprise Products Partners, Navigator Holdings Location: Houston Ship Channel Products: Ethylene Capacity: 600 million pounds Construction/expansion/ The terminal will be connected to acquisition: Enterprises high-capacity ethylene salt dome storage and pipeline system Comment: Its pipeline system will connected to multiple producers and consumers of ethylene on the US Gulf Coast

Location: Products: Completion: Construction/expansion/ acquisition: Comment:

Washington & Oregon Refined products Late 2017 The joint venture involves the acquisition of two storage refined product terminals TLP Management Services will operate the terminals under a multi-year operating agreement

IMTT Location: Products:

Savannah, Georgia Refined petroleum, asphalt, biofuels, chemical Capacity: 3.1 million barrels Investment: $171.5 million Completion: Third quarter of 2017 Construction/expansion/ IMTT’s acquisition of Epic Midstream acquisition: will added a greatly expanded jet fuel product line Comment: The acquisition is from affiliates of White Deer Energy and Blue Water Energy

Phillips 66 Location: Products: Capacity: Construction/expansion/ acquisition:

Comment:

Beaumont, US Gulf Coast Crude storage 2.2 million barrels Expansion of the terminal’s export facilities, which will take it to a current capacity of 600,000 barrels per day, is due to be completed in the first quarter of 2018 So far, 1.2 million barrels of product storage has been placed into service during the second quarter of 2017

Howard Energy Partners Location: Products: Construction/expansion/ acquisition:

Comment:

Port of Corpus Christi Petroleum products The company plans to design, construct and operate a rail terminal and a petroleum and petroleum products storage terminal The facility will be connected with its proposed Dog Aguilas pipeline to Monterrey, Mexico

This list is based on information made available to Tank Storage Magazine at the time of printing. If you would like to update the list with any additional terminal for future issues, please email: jasmin@tankstoragemag.com

14

NORTH AMERICAN EDITION 2017

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