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Tue, 2014-09-09 05:00Justin Mikulka
Justin Mikulka's picture

Goldman Sachs Warns Investors About Tar Sands By Rail Challenges While Investing in Tar Sands By Rail

Oil by rail

In 2009, Matt Taibbi wrote a piece in Rolling Stone in which he described the investment bank Goldman Sachs as “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.” 

Apparently tar sands oil smells like money. And thus the vampire squid has found another target. As Reuters reported on August 29:

A Goldman Sachs-led rail terminal operator, USD Group LLC, announced on Friday plans to form a Master-Limited Partnership this year to trade publicly on the New York Stock Exchange.

This new company will be based around a tar sands rail loading facility in Hardisty, Alberta. That is the same place where the proposed Keystone XL pipeline would begin. USD Group already owns a crude-by-rail terminal in the town, with capacity to load two 120-car unit trains per day.

And with the success of this first phase of development, the company has announced plans to double the capacity of the terminal, which would allow it to load 280,000 barrels per day (bpd). The company has also announced plans to add another 70,000 bpd, which would bring its capacity to 350,000 bpd, or roughly half the proposed capacity of TransCanada’s Keystone XL pipeline.

Tue, 2012-05-15 17:24Guest
Guest's picture

Koch "Facts" Flummoxed Over Undeniable Tar Sands Business, Keystone XL Interest

Authored by Connor Gibson, cross-posted with permission from PolluterWatch.org

For those who missed the deep investigative piece published by InsideClimate News last week documenting a half-century of Koch Industries involvement in the destructive tar sands of Alberta, Canada, it has finally closed the coffin on a vicious round of lies straight from Koch Industries.

Through its aggressive KochFacts PR website, Koch lawyers, lobbyists and communications advisors hammered InsideClimate for its initial reports on the Koch connection to tar sands and the Keystone XL pipeline, specifically attacking the outlet's publisher and calling the reporting “deceptive,” “untrue” and “utterly false,” among other claims that, ironically, are deceptive, untrue and utterly false.

A major indicator of InsideClimate's diligence is the response from KochFacts this time around, which mentions nothing of InsideClimate's damning new documentation of ongoing Koch operations in the tar sands, including the following points from the article:

• The company is one Canada's largest crude oil purchasers, shippers and exporters, with more than 130 crude oil customers.

• It is among the largest U.S. refiners of oil sands crude, responsible for about 25 percent of imports.

• It is one of the largest holders of mineral leases in Alberta, where most of Canada's tar sands deposits are located.

• It has its name attached to hundreds of well sites across Alberta tracked by Canadian regulators.

• It owns pipelines in Minnesota and Wisconsin that import western Canadian crude to U.S. refineries and also distribute finished products to customers.

• It owns and operates a 675,000 barrel oil terminal in Hardisty, Alberta, a major tar sands export hub.

• And this year it kicked off a 10,000 barrel-a-day mining project in Alberta that could be the seed of a much larger project.

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