KMP invests $57 million to expand network
Mar 1, 2006 12:00 PM
Kinder Morgan Energy Partners LP has announced a major expansion project and an acquisition that will provide additional infrastructure to help meet the growing need for terminal services in key markets along the East Coast. The combined investment of $57 million includes the construction of new liquids storage tanks at KMP's Perth Amboy terminal in New York Harbor and the purchase from Allied Terminals of a bulk facility adjacent to the company's Shipyard River terminal in Charleston SC.
The Perth Amboy expansion will involve the construction of nine new storage tanks with a capacity of 1.4 million barrels for gasoline, diesel and jet fuel. With about 100 existing tanks, the facility has a current capacity of about 2.3 million barrels for refined petroleum products and chemicals. The expansion is being driven by continued strong demand for refined products in the Northeast, much of which is being met by imported fuel arriving via New York Harbor. The new tanks are expected to be in service during the first quarter of 2007.
The facility KMP recently acquired from Allied, which stores refined petroleum products and chemicals, has 16 tanks with a total capacity of 1.2 million barrels. In addition, the terminal offers dock services to accommodate a variety of barges and vessels. The 154-acre site complements KMP's adjacent Shipyard River terminal that handles dry-bulk materials such as coal and cement, and offers significant opportunities for future expansion.
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