Kinder Morgan Energy Partners LP (KMP) plans to invest another $50 million in its terminals business on expansion projects and two acquisitions. Through the investments, KMP will:
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Increase storage capacity by 400,000 barrels at its Carteret Terminal at New York Harbor.
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Add 300,000 barrels of storage capacity at its Pasadena Terminal on the Houston (TX) Ship Channel.
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Upgrade its Dravosburg Terminal in Pittsburgh PA.
KMP also completed two small acquisitions:
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Purchased a facility adjacent to its Milwaukee WI dry bulk terminal that can handle up to 150,000 tons per year of fertilizer and salt for de-icing and livestock. This operation can accommodate orders ranging from 5-lb bags to 2,000-lb super sacks.
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Purchased a parcel of land in Louisiana for use in expanding its Port of New Orleans Terminal.
Kinder Morgan Liquids Terminals will increase storage capacity at its Carteret Terminal by 400,000 barrels through Phase II of an expansion project. Tanks with a capacity to store another 400,000 barrels of petroleum products are already under construction in Phase I of the project. Combined, the additional tankage will boost storage capacity at Carteret by 12%. The Carteret Terminal now has 261 tanks with 6.6 million barrels of storage capacity. In addition, Phase II of the Carteret expansion will include construction of a new 16" pipeline that will connect to the Buckeye Pipeline system.
Phase II of the Carteret expansion is set for completion in fall 2003; Phase I is expected to be finished in fourth-quarter 2002.
At the Pasadena/Galena Park complex, Phase II of the expansion program will increase storage capacity by another 300,000 barrels. An initial expansion phase under construction will add 830,000 barrels of storage. The Pasadena/Galena Park facility has more than 200 tanks with about 17 million barrels of capacity for gasoline, jet fuel, diesel fuel, and heating oil.
Phase II of the project is expected to be done in second-quarter 2003, while Phase I should be finished in third-quarter 2002.