Kinder Morgan to spend $106M on land, expansion

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Associated Press

Posted on May 14, 2013 at 7:00 AM

Updated Tuesday, May 14 at 7:02 AM

HOUSTON (AP) — Kinder (KIN'-der) Morgan Energy Partners LP will spend $106 million to buy land in Texas and build new storage tanks and a barge dock.

The Houston-based pipeline company on Monday announced it will purchase about 20 acres next to its Pasadena terminal. The land will be used for a future crude condensate and refined products terminal with a connection to the Explorer Pipeline.

Kinder Morgan also will build nine tanks with a total storage capacity of 1.2 million barrels at its Galena Park terminal and build a barge dock capable of handling up to 50 barges per month. The goal is to help relieve congestion in the Houston Ship Channel.

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