M2 Infrastructure, TransCanada to Add Cushing Crude Storage
M2 Infrastructure entered into a memorandum of understanding with TransCanada Corporation to construct of 6.2 MMbbls of new crude oil storage infrastructure at TransCanada’s terminal in Cushing, OK.
The crude oil storage will be owned by M2 Infrastructure and operated by TransCanada. M2 Infrastructure has an option to build up to 20 MMbbls of storage, which happen in phases. The project and option to expand are subject to completion of definitive agreements between the parties and obtaining required approvals and land rights. Construction of the crude oil storage is expected to begin in late 2017.
M2 Infrastructure plans to work with Matrix Global Holdings, the parent company of Matrix Markets, to sell storage capacity to its customers through on-line auctions of futures contracts or physical forward agreements. The auction program will be similar to the LOOP Sour auction developed by CME, LOOP and Matrix Markets.
“We are excited to continue transforming the way midstream operators bring efficiencies to their clients,” said J. Robert Collins, Jr., co-founder and Manager of M2 Infrastructure and Matrix Global Holdings.
Macquarie Capital has been engaged by M2 Infrastructure to serve as its financial advisor on the project.
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