HOUSTON--(BUSINESS WIRE)--Trans Mountain has successfully concluded a supplemental open season for
22,000 barrels per day of capacity on its planned expanded pipeline,
subject only to final shipper board approval for that volume. The
company is pleased to have all available long-term firm service capacity
now contracted on the pipeline with a diverse group of 13 customers.
Collectively the firm shippers have made 15- and 20-year commitments of
707,500 barrels per day or roughly 80 percent of the capacity on the
expanded pipeline, with the other 20 percent reserved for spot
volumes as required by the National Energy Board.
“We’re very pleased with the swift and positive conclusion of this open
season, demonstrating the continued strong market support for our
project and the much-needed access to new markets it brings to Canadian
producers and the secure supply of Canadian crude to refineries
throughout the Pacific basin,” said Ian Anderson, president of Kinder
Morgan Canada.
Next steps for the project include arranging acceptable financing and a
final investment decision by Kinder Morgan. Construction is set to begin
in fall 2017 and the project is expecting an in-service date of late
2019.
About Trans Mountain Expansion Project
In November 2016, the Government of Canada approved Kinder Morgan
Canada’s plan to expand the existing Trans Mountain Pipeline system –
between Edmonton, Alberta, and Burnaby, British Columbia. The project is
subject to 157 Conditions from the National Energy Board that covers the
life span of the project, and 37 Conditions attached to the
Environmental Certificate received from the Government of British
Columbia in January 2017. For almost 60 years, the 1,150-km Trans
Mountain pipeline system has been safely and efficiently providing the
only West Coast access for Canadian oil products, including about 90
percent of the gasoline supplied to the interior and south coast of
British Columbia. For more information, please visit www.transmountain.com.
About Kinder Morgan
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy
infrastructure companies in North America. It owns an interest in or
operates approximately 84,000 miles of pipelines and 155 terminals. The
company’s pipelines transport natural gas, gasoline, crude oil, CO2
and other products, and its terminals store and handle petroleum
products, chemicals and other products. For more information please
visit www.kindermorgan.com.
Important Information Relating to
Forward-Looking Statements
This news release includes forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995 and
Section 21E of the Securities and Exchange Act of 1934. Generally the
words “expects,” “believes,” anticipates,” “plans,” “will,” “shall,”
“estimates,” and similar expressions identify forward-looking
statements, which are generally not historical in nature.
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 any such forward-looking
statements will materialize. Important factors that could cause actual
results to differ materially from those expressed in or implied from
these forward-looking statements include the risks and uncertainties
described in Kinder Morgan’s reports filed with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for the
year-ended December 31, 2016 (under the headings “Risk Factors” and
“Information Regarding Forward-Looking Statements” and elsewhere) and
its subsequent reports, which are available through the SEC’s EDGAR
system at
www.sec.gov
and on our website at ir.kindermorgan.com. 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 any
forward-looking statement because of new information, future events or
other factors. Because of these risks and uncertainties, readers should
not place undue reliance on these forward-looking statements.