08 November 2011 16:31 [Source: ICIS news]
HOUSTON (ICIS)--Kinder Morgan Energy Partners is working with TransMontaigne Partners to help build and operate a new oil terminal on the Houston Ship Channel, the US-based pipeline and energy storage company said on Tuesday.
The venture is called the Battleground Oil Specialty Terminal Company (BOSTCO).
The project will cost approximately $400m (€292m).
The initial phase of the project currently includes construction of 52 storage tanks that will have a capacity of 6.6m bbl for handling residual fuel and other black oils, Kinder Morgan said.
Construction of the tanks should start this year, pending the completion of definitive customer agreements, the company added.
“There is increasing demand for an efficient and high performing terminal on the Texas Gulf Coast that can export fuel oil, which is used primarily in ship engines, power plants and industrial plants,” said Jeffrey Armstrong, president of Kinder Morgan Terminals.
“This facility will enable us to provide new services to our customers, and future phases will tie this deepwater terminal to other Kinder Morgan assets in the Houston market,” he added.
($1 = €0.73)
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