Plains All American Pipeline will invest an additional $75 million to improvements at the former Yorktown Refinery, totaling $110 million in improvements after investing $35 million in 2012.
Plains All American Pipeline, the new owner of the refinery now called the Yorktown Terminal, recently released its projected capital spending for 2013.
Yorktown Terminal will move crude oil from trains to boats when it opens, which is expected to happen in July, according to information from documents shared with investors.
Plains All American Pipeline purchased the former refinery from Western Refining in December 2011 for $200 million.
Documents from the Virginia Department of Environmental Quality that came out last month revealed more details about the project: The terminal is expected to handle up to 52 million barrels of oil and up to 800 trains per year. Once the oil moves through the terminal, it will be placed on ships to be delivered to refineries along the East Coast.
Related Coverage:
Improvements at Former Yorktown Refinery Continue to Take Shape
New Owner Announces Increased Rail Service at Former Yorktown Refinery
New Owner of Yorktown Refinery Plans $35M Expansion
Yorktown Refinery Sale Closes; Timeline Not Set for Terminal Improvements
Yorktown Refinery, Terminal Sale Plans Announced
‘Poor Economy’ Shuts Down Yorktown Refinery
Yorktown Oil Refinery May Be Sold
