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Monday, 09 January 2012

Kinder Morgan ups BOSTCO stake

Kinder Morgan Energy Partners has acquired TransMontaigne Partners’ 50% interest in the Battleground Oil Specialty Terminal Company (BOSTCO) project, a $430m oil terminal currently under development on the Houston Ship Channel in Texas.

As a result of the deal, Kinder Morgan now controls a 98% stake in the project, with the remaining 2% owned by an unnamed BOSTCO customer.

Work on the BOSTCO project began this past December 14 following the November signing of a 25-year lease agreement with the Port of Houston Authority.

The first phase of the project is expected to be completed by the first quarter of 2014 and includes the construction of 52 storage tanks with a total capacity of just under 787,000 m3 for the handling of residual fuel, feedstocks, distillates and other black oils.

Terminal service agreements and/or letters of intent have now been executed with customers for nearly all of this capacity.

“The project will include one of the deepest vessel drafts in the Houston Ship Channel and position Kinder Morgan extremely well for the growing trend of exporting petroleum-related products overseas,” says Kinder Morgan Terminals president Jeff Armstrong.

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