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Friday, June 08, 2018 9:32:44 AM
38% increase in estimated costs, also means a 38% increase in the equity requirement I imagine. That would require a few million more in equity raise, which we haven't seen any hint of yet.
If desalting should have been part of this, they certainly are coming to it late. When they made the decisions previously on what treatments to exclude, did they originally decide against desalting but are now changing their mind? Its got to complicate things during lender DD when they change the plans like this. (Unless the lender itself is requiring that it gets added maybe)
The bit about storage and transport, well if they add to the project to increase storage capacity, that changes the plan again (both time and $)(There were allocations for future tanks in the schematics though). The tankage they have in the current plans can handle about 13 days of operations I think, so if they want to sell storage, they would presumably need to add extra holding tanks. I don't follow on the transport aspect, all I can reason is they mean being "part" of transport by having storage that has rail access. They themselves don't have a transport method that we know of.
I like the increase in the crack spread, however we are at least a year from operations, so lets hope that is still the situation when this is in operation and can benefit from it.
I hope we don't have more delays, I am disappointed with this one, I feel like they should have had some of this ironed out sooner. Lets see how it plays out.
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