Oiltanking Partners, L.P. recently announced a $70 million expansion project to construct approximately 3.3 million bbls of new crude oil storage capacity at its Houston terminaling facility.
The project, named Appelt II, will be located adjacent to Appelt I which was announced in April 2012 and is currently under construction.
The Partnership anticipates commencing construction by the beginning of the second quarter of 2013 when all relevant permits are in place. The additional storage capacity is expected to be placed into service during the third and fourth quarter of 2014. Once complete, the new storage capacity will bring total active storage capacity at the Partnership to over 25 MMbbls.