CALGARY, March 13, 2018 /CNW/ – Kinder Morgan Canada Limited (TSX: KML), following the successful completion of the first four tanks and commencement of service in January, is pleased to announce that two additional tanks at the Base Line Terminal are available for service ahead of schedule, starting March 13th. The two tanks add an additional 800,000 barrels of crude storage to the 1.6 million barrels currently in operation.
“The team's ability to deliver these assets early is great news for both customers and our business,” said John Schlosser, President, Terminals of Kinder Morgan Canada Limited. “Bringing these tanks online ahead of schedule will allow us to benefit immediately from strong industry demand for crude storage.”
The Base Line Terminal, which commenced operations on January 15th, 2018, is a 50-50 crude oil merchant terminal joint venture with Keyera (TSX: KEY) in Sherwood Park, Alberta (near Edmonton). Once completed, the terminal will provide a total of 4.8 millions barrels of crude storage and will be comprised of twelve tanks, all of which are fully-contracted with long-term, firm take-or-pay agreements with creditworthy customers. The remaining six tanks are expected to be completed in the third and fourth quarters of 2018.
Base Line Terminal is connected by pipeline to Kinder Morgan's Edmonton-area terminals and is capable of sourcing the majority of the crude streams handled by Kinder Morgan for delivery to multiple destinations, including but not limited to, Kinder Morgan's Trans Mountain Pipeline, the 50%-Kinder Morgan-owned Alberta Crude and Edmonton Rail terminals, other Edmonton area facilities and major export pipelines.
About Kinder Morgan Canada Limited
Kinder Morgan Canada Limited manages and owns a minority interest in a business, comprising a number of pipeline systems and terminal facilities including the Trans Mountain pipeline, the Canadian portion of the Cochin pipeline, the Trans Mountain Puget Sound pipeline, Trans Mountain Jet Fuel pipeline, the Westridge Marine and Vancouver Wharves terminals in British Columbia as well as various crude oil storage and loading facilities in and near Edmonton, Alberta. The Trans Mountain pipeline currently transports approximately 300,000 barrels per day (bpd) of crude oil and refined petroleum products from the oil sands in Alberta to Vancouver, British Columbia and Washington State.
Advisory Regarding Forward-Looking Statements
This document contains certain forward-looking statements and information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation that are based on the Company's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as “plans”, “expects”, “proposes”, “projects”, “will”, “estimates”, “anticipates”, “develop”, “could” and similar expressions suggesting future events or future performance.
Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions. Any forward-looking statements provided in this news release have been included for the purpose of providing information relating to management's current expectations and plans for the future, are based on a number of significant assumptions and may not be appropriate, and should not be used, for any other purpose. Future actions, conditions or events may differ materially from those expressed in forward-looking statements. Many of the factors that will determine these results are beyond the ability of the Company to control or predict. As noted above, the forward-looking statements included in this news release are based on a number of material assumptions, including among others those highlighted, or inherent in the factors highlighted below. Among other things, specific factors that could cause actual results to differ from those indicated in the forward-looking statements provided in this news release include, without limitation: changes in market conditions and the competitive landscape relating to the Company's business (the “Business”); issues, delays or stoppages associated with major expansion projects, including the Trans Mountain Expansion Project and the Base Line Terminal project; changes in public opinion or public or government opposition to the Business' major expansion projects; the resolution of issues relating to the concerns of individuals, special interest or Aboriginal groups, governmental organizations, non-governmental organizations and other third parties that may expose the Business to higher project or operating costs, project delays or even project cancellations; changes in the level or nature of support from the federal government and various provincial governments (including the Alberta and British Columbia provincial governments), municipal governments and/or applicable regulators (including the National Energy Board and the British Columbia Utilities Commission) and specifically, opposition to the Trans Mountain Expansion Project by the British Columbia provincial government and municipal governments therein, changes in the regulatory environment applicable to the Business, significant unanticipated cost overruns or required capital expenditures; the breakdown or failure of equipment, pipelines and facilities, releases or spills, operational disruptions or service interruptions; the ability of the Company and/or the Business to access sufficient external sources of financing, and the cost of such financing; and certain other risks detailed from time to time in the Company's public disclosure documents including, among other things, those detailed under the heading “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2017 which can be found at www.sedar.com, https://www.sec.gov/ and on our website at www.kindermorgancanadalimited.com.
Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. The Company does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws.
SOURCE Kinder Morgan Canada Limited
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