Kinder Morgan Energy Partners Invests $130 Million in New Condensate Processing Facility
Kinder Morgan Energy Partners ( KMP ) today announced that it will invest $130 million to build, own and operate a petroleum condensate processing facility near its Galena Park terminal on the Houston Ship Channel.
The company expects the facility to have an initial throughput of 25,000 barrels per day (bpd), and will design it for future expansions of up to 100,000 bpd. The project will also split condensate into its various components such as light and heavy naphthas, kerosene and gas oil.
The transaction is anticipated to be immediately accretive to cash distributable to the company's unitholders upon the project's completion in January 2014.
Shares are down 0.5% to $78.53, near the one-year high of $79.64.
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