Six days after it was approved, the Port of Vancouver released a 42-acre lease with Tesoro-Savage for an oil terminal that could process up to 360,000 barrels a day of North Dakota crude.
The lease and attachments run 429 pages. It was not available to the public before the port’s three-member commission unanimously approved it last Tuesday.
The port required media and other interested parties to file a records request after the vote, then took until today to process the requests. Port lawyers redacted some details, including the number of trains expected per day and the barrels-per-day throughput, citing a trade secret exemption and other exemptions to Washington’s public records law.
Opponents have focused on the risk of spills or explosions, either of trains or tanks at the terminal itself, after a deadly oil-train explosion earlier this month in Quebec. The facility is expected to receive two to four oil trains a day, port officials say.
Some interesting lease details at first blush:
• If more than half the terminal is destroyed by fire, Tesoro-Savage has the option to terminate the 10-year lease, with casualty insurance proceeds going to the port. (Page 46 on the PDF of the lease.) Tesoro-Savage has to maintain “all-risk” property insurance for the full replacement cost. (Page 40.)
• Tesoro-Savage is also required to maintain liability insurance of $15 million, plus another $25 million for “pollution legal liability insurance” that, among other events, covers natural resource damages. (Pages 9-10.)
Opponents say the pollution insurance is inadequate. Port officials disagree, noting that it applies only to port property.