LOOP Starts Service To 3 Crude Oil Storage Tanks

PORT FOURCHON, LA (AP) — 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 Advocate’s Steve Hardy reports 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.

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         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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