TransCanada Seals MOU with M2 Infrastructure

TransCanada Corp. said Wednesday it signed a memorandum of understanding with M2 Infrastructure to pursue the development of a new crude oil storage facility at TransCanada’s terminal in Cushing, Oklahoma.

The energy infrastructure firm said the new crude oil storage facility is expected to hold 6.2 million barrels of crude oil and will be owned by M2 Infrastructure and operated by TransCanada.

Construction of the oil storage facility is slated to begin in late 2017. M2 Infrastructure also holds an option to build up to 20 million barrels of storage, which would be constructed in subsequent phases.

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