Port of Vancouver amends Vancouver Energy's lease

The Port of Vancouver USA Board of Commissioners late last week amended the port's lease with Vancouver Energy, the proposed oil transfer facility at the port.

The amendment extends the Conditions Precedent Outside Date (CPOD) to March 31, 2017, with automatic three-month extensions unless either party asks to terminate the agreement, according to a press release issued by the port.

The CPOD is the date by which the port and Vancouver Energy must be satisfied with conditions to operate and environmental baseline work. The lease can be terminated if either party is not satisfied with the conditions.

In addition, the amendment:
• increases the Contingency Period fee from $50,000 to $100,000 per month, starting May 1;
• eliminates the opportunity for Vancouver Energy to operate a second petroleum-by-rail facility at the port;
• provides Vancouver Energy 30 months to resolve any appeals if licenses, permits or approvals are granted and appealed;
• allows the port to use the premises during the extended contingency period; and
• stipulates that oil moved through the facility must be "pipeline grade" and destined for domestic ports.