CALGARY, ALBERTA -- (Marketwired) -- 09/23/14 -- Editors Note: There is a photo associated with this Press Release.
ATCO Energy Solutions Ltd., in partnership with Petrogas Energy Corp., announced today that it will develop four salt caverns, with the capacity to store approximately 400,000 cubic metres of propane, butane and ethylene to provide the Natural Gas Liquids (NGL) market in western Canada with a new alternative for hydrocarbon storage. The facility will be located at ATCO's Heartland Energy Centre near Fort Saskatchewan.
"ATCO Energy Solutions and Petrogas bring proven expertise in the development, operation, and management of large scale hydrocarbon facilities," said Patrick Creaghan, President, ATCO Energy Solutions. "The location and in-service date of this storage facility have been strategically selected to help customers solve the logistical challenges that restrict moving NGL product to market. ATCO has already seen a tremendous response to this project and will work with customers to explore additional hydrocarbon storage capacity in this key growth area."
The storage facility will be connected to Petrogas' existing Fort Saskatchewan hydrocarbon truck and rail terminal that currently receives and distributes multiple products in the marketplace.
"This development will provide a unique market option and establish enhanced storage services to Alberta's Industrial Heartland", said Stan Owerko, President & Chief Executive Officer, Petrogas Energy Corp. "The Petrogas terminal is undergoing expansion to accommodate this storage initiative and provide additional throughput and distribution capacity. This project will support the movement of increasing volumes of Western Canadian LPG production to traditional North American markets as well as key International export markets through Petrogas' West Coast LPG export terminal at Ferndale, WA."
Cavern drilling and long lead procurement is currently underway for the facility that will be built and operated by ATCO Energy Solutions. Commercial operation for two caverns is targeted for the second quarter of 2016 and is strategically timed to offer additional product storage and handling services to meet market demands. Two additional caverns are anticipated to be completed by the second quarter of 2017.
ATCO Energy Solutions builds, owns and operates non-regulated energy and water-related infrastructure. The company focuses on offering industrial water infrastructure solutions; natural gas gathering, processing and storage and natural gas liquids extraction, transportation and services to the energy industry. To learn more visit www.atcoenergysolutions.com.
With more than 9,000 employees and assets of approximately $17 billion, ATCO is a diversified global corporation delivering service excellence and innovative business solutions worldwide with leading companies engaged in Structures & Logistics (manufacturing, logistics and noise abatement), Utilities (pipelines, natural gas and electricity transmission and distribution), and Energy (power generation and sales, natural gas gathering, processing, storage and liquids extraction).
Petrogas is a well established, customer focused midstream marketing and logistics company offering full supply chain management for natural gas liquids, crude oil, condensate and renewable fuels with assets providing storage, transportation and terminal services.
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Forward-Looking Information:
Certain statements contained in this news release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes that the expectations reflected in the forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Corporation's actual results could differ materially from those anticipated in these forward-looking statements as a result of regulatory decisions, competitive factors in the industries in which the Corporation operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Corporation. The forward-looking statements contained in this news release represent the Corporation's expectations as of the date hereof, and are subject to change after such date. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
Contacts:
ATCO Energy Solutions
Sue Watson
Corporate Communications
(403) 513-3682
