Scott Walburn, Kansas City Southern Railway Company
Gibson Energy and USD Announce Joint Venture to Construct DRU at Hardisty Utilizing Innovative DRUbitâ„¢ Technology and Agreement with ConocoPhillips for 50,000 bbl/d of Capacity.
Patented Diluent Recovery Unit Produces DRUbitâ„¢ Designed for Rail Transport and Reuse of Diluent Providing a Bitumen Market Access Solution with Significant Safety and Environmental Benefits and Increased Takeaway Capacity at a Cost Competitive with Pipelines
CALGARY, Alberta, Dec. 03, 2019 (GLOBE NEWSWIRE) -- US Development Group, LLC (through a wholly-owned affiliate, collectively USD) and Gibson Energy Inc. (Gibson) (TSX: GEI) jointly announced today an agreement to construct and operate a diluent recovery unit (DRU) near Hardisty, Alberta, Canada. ConocoPhillips Canada has contracted to process 50,000 barrels per day of inlet bitumen blend through the DRU to be shipped by Canadian Pacific (CP) (TSX: CP) (NYSE: CP) and Kansas City Southern Railway Company (KCS) (NYSE: KSU) to the U.S. Gulf Coast. USD and Gibson are currently in commercial discussions with other potential producer and refiner customers to secure long-term, take-or-pay agreements for an additional 50,000 barrels per day at the proposed DRU.
As we wrap up this year's Executive Forum we want to extend our gratitude to all of our attendees and sponsors. Without you, none of this would be possible!
2020 Annual Meeting
This year's meeting will be held in Salt Lake City, Utah. Please mark your calendars for July 19th-22nd. Reservations will be made at the Hilton Salt Lake City.
Please note more information regarding event registration and hotel reservations will be avaliable soon.
