Getka Energy, a crude oil logistics provider, has completed acquisition of the former Pacer Energy Terminal in Cushing, Oklahoma.

business-deal-may-30

Image: Getka Energy completes acquisition of Cushing terminal. Photo: courtesy of adamr/ FreeDigitalPhotos.net.

The 28-acre property houses crude oil storage tanks and several LACT units. The terminal is connected to Enterprise Products’ Cushing Terminal via pipeline.

Getka plans to upgrade the terminal to allow for increased throughput and delivery into the Enterprise terminal and other planned interconnections. Upgrades to the property are expected to take several months. Getka anticipates it will bring the terminal back into service at the end of the fourth quarter in 2018.

To allow for upgrades and further expansions, Getka is purchasing approximately 22 acres in adjoining acreage to bring Getka’s total footprint in Cushing to approximately 50 acres.

This acreage will serve as the foundation of the company’s ongoing development of a hub at the Cushing market center. Getka’s goal is to develop a hub-and-spoke platform of integrated assets that work together to create efficient access to producing basins and expand market delivery and optionality.

Getka Energy CEO Dariusz Cichocki said: “This is the first step in Getka’s broad strategy to develop a new and sophisticated crude oil delivery platform across Oklahoma.

“We are looking to add to Cushing’s value and rich history, and we are extremely excited to bring new customers, a unique and enhanced terminal design, and optionality for our customers and the market.”

Source: Company Press Release