Kinder Morgan to spend $106M on land, expansion in Pasadena

Kinder Morgan says the area outlined in red is the Pasadena Terminal; the area outlines in yellow is newly acquired land. (Kinder Morgan)

May 13, 2013 2:57:45 PM PDT
Kinder Morgan Energy Partners LP said Monday that it will spend $106 million to buy land in Texas and build new storage tanks and a barge dock.

The Houston-based pipeline company said it will buy about 20 acres next to its Pasadena, Texas, terminal. The land will be used for a future crude condensate and refined products terminal with a connection to the Explorer Pipeline, Kinder Morgan said.

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 and designed to help relieve congestion in the Houston Ship Channel.

In afternoon trading, Kinder Morgan's common units rose 4cents to $88.14.

Take ABC13 with you!
Download our free apps for iPhone, iPad, Android and Blackberry devices