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Energy

Colonial says it expects to ‘substantially’ restore operational service by end of week

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Holding tanks are seen at Colonial Pipeline's Charlotte Tank Farm in Charlotte, North Carolina, U.S. in an undated photograph. Colonial Pipeline/Handout via REUTERS.

NEW YORK, May 10 (Reuters) - Colonial Pipeline (COLPI.UL), the largest fuel pipeline in the United States, expects to “substantially” restore operational service by the end of the week, the company said on Monday.

Colonial last week fell victim to a cyber attack that shut its entire network. The ransomware attack is one of the most disruptive digital ransom schemes reported and the resulting shutdown has disrupted fuel supply across the eastern United States, triggering isolated sales restrictions at retail pumps and pushing benchmark gasoline prices to a three-year high.

Colonial is executing a plan to return to service in a phased approach, the company said. It is evaluating product inventory at storage tanks at its facilities and is working with shippers to move the product to terminals for local delivery, it said in a news release.

“This plan is based on a number of factors with safety and compliance driving our operational decisions, and the goal of substantially restoring operational service by the end of the week,” it said.

Reporting by Stephanie Kelly Editing by Chizu Nomiyama

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