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LOOP starts service to 3 crude oil storage tanks

2 months 2 weeks 1 day ago August 09, 2016 Aug 9, 2016 Tuesday, August 09 2016 August 09, 2016 8:29 AM in News
Source: Associated Press
By: APNewsNow
Image: LOOP

PORT FOURCHON - Louisiana Offshore Oil Port has started operations at three new above-ground crude oil tanks located at its Clovelly hub, adding 1.1 million barrels of storage capacity and giving the facility a total 10.1 million barrels of above-ground storage.

The tanks began service about 3 months ahead of schedule and will help LOOP meet market demands.

Earlier this year, LOOP began selling storage space to traders who needed a place to park their crude while waiting for oil prices to recover. The facility also can store 60 million barrels underground. It began as an import facility.

The expansion project, which began in April 2015, will add another four above-ground tanks and 1.4 million barrels of capacity in 2017.

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