HOUSTON--(BUSINESS WIRE)--Jan. 14, 2013--
Kinder Morgan Energy Partners, L.P. (NYSE: KMP) today announced an
expansion project and acquisition that will provide additional
infrastructure to help meet growing demand for liquids storage and dock
services along the Gulf Coast. The combined investment of approximately
$170 million will include the purchase of 42 acres, construction of a
new ship dock to handle ocean going vessels and building 1.2 million
barrels of liquids storage tanks. KMP has entered into a letter of
intent (LOI) with a major ship channel refiner to develop six
150,000-barrel tanks and four 75,000-barrel tanks with connectivity to
its Galena Park Terminal and to the refiner’s location. The property
will be used to provide dock services for up to eight vessels a month
for the refinery and four vessels a month for KMP’s terminal.
“This project will alleviate existing dock congestion among Kinder
Morgan’s Houston Ship Channel terminals, provide additional export
capacity value and be accretive to KMP unitholders upon completion,”
said Jeff Armstrong, president of Kinder Morgan Terminals. Armstrong
added that it will also be possible to add a second phase of storage
tanks to the project in the future.
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 46,000 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 $100 billion. It owns an interest in or operates
approximately 75,000 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 interest 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.
Source: Kinder Morgan Energy Partners, L.P.
Kinder Morgan Energy Partners, L.P.
Joe Hollier, (713) 369-9176
Mills Thornock, (713) 369-9490