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Tuesday, October 14, 2014

CORRECTED-Kinder Morgan to add oil storage capacity to Houston operations, (NYSE: KMI)

Kinder Morgan Energy Partners, L.P. said it will add 2.1 million barrels of storage at its Pasadena and Galena Park terminals just outside Houston.The $240 million project - supported by long-term contracts with existing customers - will also include the construction of a new ship dock and other improvements at the Galena Park terminal that will boost vessel load rates.The new dock and the existing ones at Galena Park will be capable of loading vessels at rates up to 15,000 barrels per hour, the company said."The new tankage will provide refined product producers and traders the ability to send more barrels to the water for international exports or to the network of pipelines for domestic use," John Schlosser, president of Kinder Morgan Terminals, said in a company release announcing the project.

Kinder Morgan, Inc. (KMI) owns and manages a diversified portfolio of energy transportation and storage assets. Shares of KMI fell by 2.82% or $-1.0/share to $34.50. In the past year, the shares have traded as low as $30.81 and as high as $42.49. On average, 13105300 shares of KMI exchange hands on a given day and today's volume is recorded at 30026080.