The proposed site for an oil-by-rail terminal in Vancouver, Wash. The companies behind the development say criticism from opponents is premature.
Port of Vancouver USA
Port of Vancouver commissioners signed an amended lease Tuesday with the backers of an oil terminal at the port.
If built, the Vancouver Energy Project could be the nation’s largest oil-by-rail terminal in the country. The project is a joint venture between Tesoro Corp. and Savage Companies. It would move crude oil from the Bakken region of North Dakota to ports along the West Coast.
The re-negotiated lease gives the project’s backers more time to receive state approval. The oil terminal backers signed the amended lease April 22.
The terminal now has a deadline of March 31 to get the permits it needs. After that, the Port of Vancouver and the project’s backers will assess the oil terminal every three months.
Related: Vancouver Port Gives Oil Companies What They Want — More Time
Commissioners at the Port of Vancouver unanimously approved the amended lease at a meeting earlier this month. Had the amendments not passed, the port or the terminal backers could have backed out of the lease after Aug. 1.
The new terms also stipulate that crude oil sent through the project must be bound for domestic ports.
The project’s monthly lease to the ports will increase from $50,000 to $100,000 staring in May.
