The Port of Vancouver USA is a critical economic engine for Southwest Washington – with 50 tenants employing 3,200 people and generating $2.9 billion a year in positive economic impact for the region.
The Port’s tenants and customers move more than 6 million metric tons of goods each year, and for more than 100 years the Port has been an important developer of marine and industrial property for taxpayers in the region.
One of the Port’s tenants is Tesoro, now known as Andeavor, which has operated a refined products terminal at the Port of Vancouver without incident for the last 32 years. Tesoro and Savage are partnering on the Vancouver Energy crude-oil-by-rail terminal at the Port.
Vancouver Energy is an important piece of the Port of Vancouver’s future as an economic engine for the region. The terminal will generate up to $2 billion in economic value for the region, including $22 million in state and local taxes during construction and, once operational, $7.8 million in state and local taxes each year. The Port itself would receive $44 million a year in revenue at full operations.
Over the life of the terminal, this $44 million a year would equate to more than three-quarters of a billion dollars that could be used to invest in further economic development and advancement throughout the Port’s districts.
Vancouver Energy will expand on the Port’s economic success and contribute to the Port’s mission of economic development for the community by creating 320 jobs during construction and once operational, 176 direct on-site jobs and 400 direct off-site jobs. The project will support more than 1,000 direct, indirect and induced jobs once the terminal is fully operational.
The Vancouver Energy terminal will maximize and unlock the value of the Port of Vancouver’s existing infrastructure investments, including freight rail improvements like the $250 million West Vancouver Freight Access Project.
Vancouver Energy will utilize existing facilities at the Port and create a very small footprint – approximately 42 acres of the Port’s 1,643 total acres. See the facilities highlighted in blue below to see how minimal the terminal’s footprint will be.
Read more about the benefits of Vancouver Energy here.