HOUSTON (AP) -- 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.