HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc. (NYSE: KMI) today announced it received approval
from the Federal Energy Regulatory Commission (FERC) regarding the
rates, terms and conditions of service for the proposed Palmetto
Pipeline on May 1, 2015.
“We are pleased to receive FERC approval, which allows us to advance the
development of this important infrastructure project supporting
distribution of domestically produced petroleum products,” said Kinder
Morgan Products Pipelines President Ron McClain. “This milestone brings
the company one step closer to its goal of delivering low-cost
additional supplies of refined petroleum products and denatured fuel
ethanol to pipeline-constrained markets in the southeastern United
States.”
As an example, the company estimates that the potential savings for
southeastern consumers could be as high as 6 cents per gallon once
Palmetto is in service versus current trucking or marine transportation.
The proposed Palmetto Pipeline will enable refined petroleum products to
be transported from Baton Rouge, Louisiana, Collins and Pascagoula,
Mississippi, and Belton, South Carolina, to North Augusta, South
Carolina, Savannah, Georgia, and Jacksonville, Florida. The system will
have a design capacity of up to 167,000 barrels per day and will consist
of a segment of expansion capacity that Palmetto will lease from
Plantation Pipe Line Company between Baton Rouge, Louisiana, and Belton,
South Carolina. A new 360-mile pipeline from Belton, South Carolina, to
Jacksonville, Florida, will also be constructed as part of the system.
Pipelines are the safest and most environmentally sound way to transport
refined products, and Kinder Morgan’s safety and environmental
performance is significantly better than the pipeline industry average.
Kinder Morgan, Inc. (NYSE: KMI) is the largest energy infrastructure
company in North America. It owns an interest in or operates
approximately 84,000 miles of pipelines and 180 terminals. The company’s
pipelines transport natural gas, gasoline, crude oil, CO2 and
other products, and its terminals store petroleum products and
chemicals, and handle bulk materials like coal and petroleum coke.
Kinder Morgan is the largest midstream and third largest energy company
in North America with an enterprise value of approximately $130 billion.
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.
