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Dakota plains to build 3rd oil storage tank

Dakota Plains Holdings Inc. said on Tuesday it would build a third, 90,000-barrel storage tank for Bakken crude oil at its Pioneer Rail Terminal in North Dakota.

The expansion, which will cost $5.5 million, will boost the terminal’s storage capacity to 270,000 barrels.

The Pioneer terminal in New Town collects crude oil from delivery trucks, stores the oil, and then loads it onto rail cars for export.

Hiland Partners, a privately-held midstream company chaired by Continental Resources Inc. CEO Harold Hamm, is building its 450-mile, 50,000 barrel-per-day pipeline from Dore to Guernsey, Wyo.

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