The Port of Vancouver USA’s board of commissioners has unanimously approved a 10-year lease with the Tesoro-Savage Joint Venture 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.
About 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.
With lease approval, the project now moves into the environmental permitting process.