USD Partners has entered into a four year extension with Cenovus Energy to increase its stake in the Hardisty terminal in Canada from 7% to 25%.
The renewal contains consistent take-or-pay terms with minimum monthly payments and rates that exceed those of the original terminalling services agreement with the customer.
USD Canadian business unit senior vice president Jim Albertson said: “We are pleased to announce another early extension with one of our long-term customers at our Hardisty terminal.
“This contract extension, along with the first extension we announced earlier this year, represents a meaningful increase in our contracted capacity at the Hardisty rail terminal and is confirmation of the significant demand that exists for takeaway capacity out of Western Canada.
“We continue to work with the balance of our customers as well as new customers on contracting the remaining available capacity.”
Source: Company Press Release