Press release from Business Wire
Kinder Morgan/Valero Place Parkway Pipeline into Service
<p class='bwalignc'> <i><b>Pipeline expands fuel supply to eastern U.S. and brings economic benefits to local regions</b></i> </p>
Tuesday, September 03, 2013
Kinder Morgan/Valero Place Parkway Pipeline into Service09:30 EDT Tuesday, September 03, 2013
HOUSTON (Business Wire) -- Construction of the approximately 141-mile, 16-inch diameter Parkway Pipeline, a 50-50 joint venture between Kinder Morgan Energy Partners, L.P. (NYSE: KMP) and Valero Energy Corp (NYSE: VLO), is complete and is now transporting refined petroleum products from refineries in Norco, La., to an existing petroleum transportation hub in Collins, Miss., owned by Plantation Pipe Line Company. (Kinder Morgan owns 51 percent of Plantation Pipe Line Company and operates the system.) From this hub the products will be transported by multiple pipeline systems, including Plantation, that serve major markets in the eastern United States. The approximately $250 million pipeline system has an initial capacity of 110,000 barrels per day (bpd) with the ability to expand to over 200,000 bpd.
“We are pleased to have completed the construction of Parkway on schedule with the help of good local working environments in both Louisiana and Mississippi,” said KMP Products Pipelines President Ron McClain. “This is an exciting project that provides greater connectivity between Gulf Coast refineries and East Coast markets with new pipeline infrastructure while also increasing local property tax revenues by almost $6 million.”
Parkway also generated approximately 1,200 temporary construction jobs at its peak which resulted in workers supporting local businesses, housing and support services.
Kinder Morgan Energy Partners, L.P. (NYSE: KMP) is a leading pipeline transportation and energy storage company and one of the largest publicly traded pipeline limited partnerships in America. It owns an interest in or operates more than 54,000 miles of pipelines and 180 terminals. The general partner of KMP is owned by Kinder Morgan, Inc. (NYSE: KMI). Kinder Morgan is the largest midstream and the third largest energy company in North America with a combined enterprise value of approximately $110 billion. It owns an interest in or operates approximately 80,000 miles of pipelines and 180 terminals. Its pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and its terminals store petroleum products and chemicals and handle such products as ethanol, coal, petroleum coke and steel. KMI owns the general partner interests of KMP and El Paso Pipeline Partners, L.P. (NYSE: EPB), along with limited partner interests in KMP, Kinder Morgan Management, LLC (NYSE: KMR) and EPB. For more information please visit www.kindermorgan.com.
This news release includes forward-looking statements. Although Kinder Morgan believes that its expectations are based on reasonable assumptions, it can give no assurance that such assumptions will materialize. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein are enumerated in Kinder Morgan's Forms 10-K and 10-Q as filed with the Securities and Exchange Commission.
Emily Mir, (713) 369-8060