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Keyera to develop 4.5 million-barrel crude storage terminal at Okla. hub

Keyera Corp. is developing a new crude oil storage and blending terminal in Cushing, Okla., with a working storage capacity of 4.5 million barrels across 12 aboveground tanks.

The Wildhorse Terminal would be supported by fee-for-service, take-or-pay contracts with two- to six-year terms, according to a May 15 news release. Wildhorse would be connected to two storage terminals at Cushing via pipeline, which would allow customers to access the majority of crude oil streams in and out of the Cushing hub on a number of major pipeline networks.

Keyera expects to spend about $185 million in capital costs on the project. Keyera Energy Inc., the Canadian company's U.S. subsidiary, is in charge of construction and operations, while an affiliate of the Czech Republic-based investment group Lama Energy Group would hold a 10% stake in the project. Lama also has an option to raise its ownership in the terminal to up to 30% by the end of 2018.

The terminal is scheduled to begin service in mid-2020.