Kinder Morgan Inc. has dropped out of a recently proposed U.S. Gulf Coast deepwater crude export venture, the project’s leader, Enbridge Inc., said on Monday.
| The US$800-million project, known as Texas COLT, is one of eight similar projects proposing facilities that would move U.S. shale to overseas markets by loading supertankers able to carry up to two million barrels apiece.
| Pipeline operators Enbridge and Kinder Morgan disclosed plans to build an crude export terminal off Freeport, Tex., in January, and filed permit applications with the U.S. Maritime Administration. German oil storage firm Oiltanking Partners remains committed to the project, Enbridge said.
| “The project does not align with our strategic priorities,” Kinder Morgan spokeswoman Lexey Long said. The company cited the time commitment to move the project through a regulatory phase and a recent internal review.
|  | | | More stories below advertisement | | | Oil rose to around $68 a barrel on Tuesday as OPEC supply cuts and expectations of lower U.S. inventories outweighed concern about weaker demand due to an economic slowdown.
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