Kinder Morgan Energy Partners And BP North America Enter Into Long-Term Agreements

Kinder Morgan Energy Partners and BP North America announced the execution of long-term commercial agreements to provide BP condensate processing services and storage at Kinder Morgan’s terminals located on the Houston Ship Channel. BP has committed over 40,000 barrels per day (bpd) of throughput at Kinder Morgan’s petroleum condensate facility which will split condensate into various components such as light and heavy naphthas, kerosene and gas oil. The approximately $200 million facility has been designed to provide future processing expansions up to 100,000 bpd throughput. BP also will lease an additional 750,000 barrels of storage that Kinder Morgan will add at its Galena Park terminal. The expansion is part of Kinder Morgan’s approximately $75 million investment to construct five tanks that will connect to its condensate facility with new piping, manifolds and pumps. The Company expects the new storage tanks and condensate facility to be in service in the first quarter of 2014.