Fort Worth Based BNSF To Invest $5 Billion In Its Railroad
OMAHA, Neb. (AP) - Fort Worth, Texas based company BNSF plans to invest $5 billion in its railroad this year, including $900 million to expand capacity in the Northern Plains where crude oil shipments are surging.
The railroad said Tuesday its 2014 spending plan is roughly $1 billion higher than last year. BNSF says it's responding to significant volume growth.
Some projects should help alleviate congestion near the booming Bakken oil field in North Dakota and Montana. Last week, the National Association of Railroad Passengers complained to officials that the growth in oil shipments was disrupting Amtrak passenger service.
In addition to expanding capacity, BNSF plans to spend $2.3 billion maintaining its network and $1.6 billion on locomotives and equipment.
BNSF is based in Fort Worth, Texas, but it is owned by Omaha, Neb., based conglomerate Berkshire Hathaway Inc.
(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
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