13 May 2013 23:02 [Source: ICIS news]
HOUSTON (ICIS)--Kinder Morgan Energy Partners (KMP) will spend $106m (€82m) to buy more land and build new storage tanks and a dock at the Houston Ship Channel, the company said on Monday.
KMP said the investment will include purchase of 20 acres (8 ha) next to its existing terminal in Pasadena, Texas; construction of nine new tanks with storage capacity of 1.2m bbl at its Galena Park terminal; and a new barge dock to relieve congestion on the Houston channel.
The acreage will be used for a future crude condensate and refined products terminal with a connection to the Explorer Pipeline. The new barge dock will enable the Pasadena terminal to handle up to 50 barges a month.
($1 = €0.77)
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