Kinder Morgan Energy Partners, L.P. KMP today announced that KMP will
invest approximately $58 million to expand its chemical storage capacity. KMP
has entered into a long-term contract with Methanex Corporation MEOH
to support the construction of methanol storage capacity near Kinder Morgan's
Geismar Liquids Terminal (GLT) in Geismar, La. Kinder Morgan will build, own
and operate the storage tanks and related infrastructure, including
improvements to its existing dock at GLT. The assets will provide critical
marine, rail and truck access in support of a 1 million tonne per year
methanol production plant being relocated by Methanex from Chile, South
America. The terminal infrastructure is expected to be in service during the
second half of 2014, coinciding with the anticipated startup of the relocated
plant.
KMP has also acquired Quality Carriers, Inc.'s 26-acre terminal located in
Chester, S.C. The 19-tank facility currently provides storage for a single
customer of 35,000 barrels and receives product by rail and distributes by
truck.
“The abundance of attractively priced domestic natural gas has led to a
resurgence in the chemical and manufacturing industries,” said John Schlosser,
president of Kinder Morgan Terminals. “We are very pleased to be able to
leverage our existing footprint in Geismar in support of Methanex's
significant capital project, and look forward to continuing to provide
logistical and infrastructure solutions for Methanex and others as the renewed
industrial development continues along the Gulf Coast and elsewhere. We are
also pleased to be entering the public liquid terminal market in the greater
Charlotte area and look forward to growing that business with new chemical
customers.”
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