HOUSTON--(BUSINESS WIRE)--Kinder Morgan Energy Partners, L.P. (NYSE: KMP) today announced an
expansion project at its Pasadena and Galena Park terminals that will
provide additional infrastructure to help meet growing demand for
refined product storage and dock services along the Houston Ship
Channel. The combined investment of approximately $240 million will
include the construction of 2.1 million barrels of storage between the
two terminals. Kinder Morgan will also construct a new ship dock capable
of handling ocean going vessels and infrastructure improvements at its
Galena Park Terminal that will significantly increase the vessel load
rates across the existing ship docks. The project is backstopped by
long-term contracts with existing customers. The new ship dock and the
existing Galena Park ship docks will be capable of loading vessels at
rates up to 15,000 barrels per hour.
“The new tankage will provide refined product producers and traders the
ability to send more barrels to the water for international exports or
to the network of pipelines for domestic use,” said John Schlosser,
president of Kinder Morgan Terminals. “Kinder Morgan will now have nine
ship docks on the Houston Ship Channel and will double the load rates on
existing docks. We see continuing strong demand for transporting fuel to
the Gulf Coast to reach export markets.”
Kinder Morgan Energy Partners, L.P. (NYSE: KMP) is a leading pipeline
transportation and energy storage company and one of the largest
publicly traded pipeline limited partnerships in America. It owns an
interest in or operates approximately 52,000 miles of pipelines and 180
terminals. The general partner of KMP is owned by Kinder Morgan, Inc.
(NYSE: KMI). Kinder Morgan is the largest midstream and the third
largest energy company in North America with a combined enterprise value
of approximately $120 billion. It owns an interest in or operates
approximately 80,000 miles of pipelines and 180 terminals. Its pipelines
transport natural gas, gasoline, crude oil, CO2 and other
products, and its terminals store petroleum products and chemicals and
handle such products as ethanol, coal, petroleum coke and steel. KMI
owns the general partner interests of KMP and El Paso Pipeline Partners,
L.P. (NYSE: EPB), along with limited partner interests in KMP and EPB
and shares in Kinder Morgan Management, LLC (NYSE: KMR). For more
information please visit www.kindermorgan.com.
This news release includes forward-looking statements. These
forward-looking statements are subject to risks and uncertainties and
are based on the beliefs and assumptions of management, based on
information currently available to them. Although Kinder Morgan
believes that these forward-looking statements are based on reasonable
assumptions, it can give no assurance that such assumptions will
materialize. Important factors that could cause actual results to
differ materially from those in the forward-looking statements herein
include those enumerated in Kinder Morgan’s reports filed with the
Securities and Exchange Commission. Forward-looking statements
speak only as of the date they were made, and except to the extent
required by law, Kinder Morgan undertakes no obligation to update or
review any forward-looking statement because of new information, future
events or other factors. Because of these uncertainties, readers
should not place undue reliance on these forward-looking statements.
