Provident Announces the Acquisition of Sarnia Cavern Storage Facility
11.27.2009 - NEWS
November 27, 2009 [PR-CANADA.net] - Provident Energy Trust is pleased to announce that it has reached an agreement with Dow Chemical Canada to purchase a commercial storage facility in the Sarnia area for an undisclosed amount.

Located in close proximity to Provident’s Sarnia operations, the 1,000 acre site has an active cavern storage capacity of 1.9 Mm3 (million cubic metres), consisting of 800.000 m3 of hydrocarbon storage and 1.1 Mm3 which is currently used for brine storage. In addition, the facility has 13 pipeline connections and a small rail offloading facility. This strategic acquisition expands Provident’s Commercial Services platform into Eastern Canada, adds operational and commercial flexibility to the Empress East system and positions Provident Midstream for continued growth in stable fee-for-service margin based business. Provident’s 2010 capital budget includes approximately $17 million for facility maintenance and upgrades to expand the existing rail facilities at the site and to construct a truck loading terminal. This transaction is expected to close in early 2010.

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