- Associated Press - Tuesday, August 9, 2016

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 reports (https://bit.ly/2aWxbB0) 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.

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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Information from: The Advocate, https://theadvocate.com

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