Matrix to build oil, gas storage terminals for TransCanada
By SUSAN HYLTON World Business Writer on Sep 5, 2013, at 2:29 AM Updated on 9/05/13 at 3:03 AM
Matrix Service Co. Chief Financial Officer Kevin Cavanah said the company has already been doing projects for TransCanada Corp. at the terminals in Cushing, which connects to the Keystone XL Pipeline. DANIEL ACKER / Bloomberg file
Manufacturing
In just 12 years, natural gas plant builder Thomas Russell Co. grew from a Tulsa startup to a $750 million company.
Verallia North America's glass plant in Sapulpa is shutting down one furnace for the rest of the year because of slack demand.
CONTACT THE REPORTER
918-581-8381
Email
Matrix Service Co. of Tulsa will build oil and natural gas storage terminals for TransCanada Corp. over the next five years, the Tulsa-based energy construction firm announced Wednesday.
The company said it will provide engineering, fabrication and construction associated with the building of new storage terminals and possibly the extension of existing terminals in the United States.
While the agreement focuses on constructing new storage tanks, it may also include building pipeline infrastructure at the plants.
"We are excited to be selected by TransCanada as their partner on the extensive build-out of new storage terminals associated with the expansion of their pipeline network within the United States and Canada. We look forward to completing safe, high-quality and successful projects for TransCanada over the next five years," said Matrix CEO John Hewitt in a statement.
Matrix Chief Financial Officer Kevin Cavanah said they have already been doing projects for TransCanada at the terminals in Cushing, which connects to the Keystone XL Pipeline.
"This is really about a bigger alliance. It's about us being a contractor for them and helping them build out their system. This sets the framework for the future," Cavanah said. "For us, it's an important contract. It signifies that TransCanada knows that Matrix is the best at building tanks."
Cavanah said specific pipelines feeding into where the terminals will be built haven't been released.
Other storage needs could be associated with the proposed Keystone XL from Hardisty, Alberta, to Steele City, Neb., and the Gulf Coast Project that is near completion from Cushing to Nederland, Texas.
Matrix has a total backlog of $626.7 million in contracted projects, which represents a 26 percent increase compared to last year, according to a fourth-quarter earnings report released Tuesday.
Susan Hylton 918-581-8381
susan.hylton@tulsaworld.com
Original Print Headline: Matrix to build new storage terminals
Manufacturing
In just 12 years, natural gas plant builder Thomas Russell Co. grew from a Tulsa startup to a $750 million company.
Verallia North America's glass plant in Sapulpa is shutting down one furnace for the rest of the year because of slack demand.
CONTACT THE REPORTER
918-581-8381
Email
