Houston pipeline operator Kinder Morgan plans to invest $170 million in various expansion projects along the Houston Ship Channel.
The company confirmed on Wednesday that it plans to invest $125 million to boost pipeline connections and speed up loading at its Pasadena Terminal and the nearby Jefferson Street Truck Rack.
Another $45 million will be used to build a butane-on-demand blending system for 25 storage tanks at its Galena Park Terminal.
In a statement, Kinder Morgan President of Terminals John Schlosser said the projects will improve the company’s facilities that he described as already “best-in-class.”
“The announced improvements only serve to enhance our position as the market-leading refined petroleum products storage hub on the U.S. Gulf Coast,” Schlosser said. “This offers our customers unmatched supply optionality and liquidity and modal efficiencies as they aim to maximize storage and blending economics and access domestic and global energy markets in the most cost-effective manner possible.”
Founded in 1997 and headquartered in Houston, Kinder Morgan has nearly 32,000 employees across the United States, Canada, and Mexico. The company reported a $1.48 billion profit on $14 billion of revenue in 2018.
