Port Commission Approves Lease with Tesoro-Savage – News Release

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Port Commission Approves Lease with Tesoro-Savage

VANCOUVER, Wash. –The Port of Vancouver USA announced today that its Board of Commissioners unanimously approved a 10-year lease with the Tesoro-Savage Joint Venture (TSJV) for a crude oil handling facility at the port. The project, proposed by the port’s longtime tenant Tesoro in partnership with the logistics company Savage, will bring North American crude oil to the port by rail where it will then be transferred to marine vessels for transport to refineries in California, Washington and Alaska.

Approximately 42 acres of port property will be leased by TSJV to accommodate a rail unloading facility, storage tanks, and a vessel loading area. The estimated capital investment by TSJV is $100 million, and revenue to the port over the 10-year lease period is expected to exceed $45 million. The facility also is expected to create between 80 and 120 permanent jobs and 250 temporary construction jobs.

With lease approval, the project now moves into the environmental permitting process. Washington State’s Energy Facility Site Evaluation Council will act as the lead agency for local and state permits, and the companies will work through an extensive process, addressing local, state and federal requirements. As with all port tenants, TSJV is required to obtain all necessary permits as a condition of operation at the port.

Approval of the lease follows a series of five commission workshops held over a ten-week period, providing both general information on issues related to crude oil as well as information specific to the TSJV proposal. Topics included marine safety, rail safety, the permitting process, an overview of the TSJV project, and a discussion of overarching elements covered under the TSJV lease. Taped coverage of the workshops can be viewed at www.cvtv.org, or visit the port’s website at www.portvanusa.com for summaries of the workshops, copies of presentations and links to the CVTV coverage.

– POV –

 The Port of Vancouver USA is one of the major ports on the Pacific Coast, and its competitive strengths include available land, versatile cargo handling capabilities, vast transportation networks, a dependable labor force and an exceptional level of service to its customers and community. For more information, please visit us at www.portvanusa.com.

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