01 April 2013 19:56 [Source: ICIS news]
HOUSTON (ICIS)--Kinder Morgan Energy Partners will invest $58m (€45m) to expand its methanol storage capacity in Geismar, Louisiana, near a site where Methanex is moving a plant from Chile, Kinder Morgan announced on Monday.
Kinder Morgan said it had signed a long-term contact with Methanex to build, own and operate storage tanks and improvements made to its existing dock at the Geismar Liquids Terminal (GLT).
The facility will provide marine, rail and truck access to support a 1m tonne/year methanol plant that Methanex is moving from Chile this year. The plant is expected to begin running in the second half of 2014.
Methanex owns a methanol complex in Punta Arenas, Chile, with only one of four units running because the South American country cannot provide the company with a reliable supply of feedstock natural gas.
The Canada-based producer already has begun moving one of the plants to Louisiana, and has said that it also plans to move a second unit in Chile to Geismar, although the final decision on the second plant move has not been made yet.
Kinder Morgan is one of the largest publicly traded pipeline limited partnerships in America, owning an interest in or operating approximately 44,000 miles of pipelines and 180 terminals.
($1 = €0.78)
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