Kinder Morgan Energy Partners, L.P. (NYSE: KMP) today announced that
Kinder Morgan Canada Terminals has entered into a long-term contract
with a major Canadian producer to support the construction of an
additional 1.2 million barrels of merchant storage capacity at Trans
Mountain pipeline’s Edmonton terminal in Strathcona County, Alberta.
Kinder Morgan previously announced in November 2011 that it had signed
definitive commercial agreements to support the construction of 2.4
million barrels of storage at the Edmonton facility. The total value of
the current expansion now totals $284 million with all 3.6 million
barrels of storage capacity expected to be in service by late 2013.
Bill Henderson, vice president of Kinder Morgan Canada Terminals, said,
“This increase in storage capacity demonstrates the importance and
flexibility of Trans Mountain’s Edmonton storage hub, and the
unparalleled upstream and downstream connectivity inherent in the
location of the facility.”
“The Edmonton hub will also play a very important staging role for crude
oil in the Trans Mountain pipeline expansion proposal,” said Ian
Anderson, president of Kinder Morgan Canada, the operator of both Trans
Mountain and the Edmonton terminal. Kinder Morgan is currently in active
discussions with other companies for further expansion that will
ultimately allow for over 6 million barrels of dedicated storage at the
terminal.
Kinder Morgan Energy Partners, L.P. (NYSE: KMP) is a leading pipeline
transportation and energy storage company in North America. KMP owns an
interest in or operates approximately 29,000 miles of pipelines and
180 terminals. Its pipelines transport natural gas, gasoline, crude oil,
CO2 and other products, and its terminals store petroleum
products and chemicals and handle such products as ethanol, coal,
petroleum coke and steel. KMP is also the leading provider of CO2
for enhanced oil recovery projects in North America. One of the largest
publicly traded pipeline limited partnerships in America, KMP and Kinder
Morgan Management, LLC (NYSE: KMR) have an enterprise value of over $40
billion. The general partner of KMP is owned by Kinder Morgan, Inc.
(NYSE: KMI). Combined, KMI, KMP and KMR constitute the largest midstream
energy entity in the United States with an enterprise value of over $65
billion. For more information please visit www.kindermorgan.com.
This news release includes forward-looking statements. Although
Kinder Morgan believes that its expectations are based on reasonable
assumptions, it can give no assurance that such assumptions will
materialize. Important factors that could cause actual results to
differ materially from those in the forward-looking statements herein
are enumerated in Kinder Morgan’s Forms 10-K and 10-Q as filed with the
Securities and Exchange Commission.
