Open Season for Trans Mountain Expansion Concludes
March 22 2017 - 8:55AM
Business Wire
All Available Firm Service Capacity Under
Long-Term Commitments
Trans Mountain has successfully concluded a supplemental open
season for 22,000 barrels per day of capacity on its planned
expanded pipeline, subject only to final shipper board approval for
that volume. The company is pleased to have all available long-term
firm service capacity now contracted on the pipeline with a diverse
group of 13 customers.
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Collectively the firm shippers have made 15- and 20-year
commitments of 707,500 barrels per day or roughly 80 percent of the
capacity on the expanded pipeline, with the other 20 percent
reserved for spot volumes as required by the National Energy
Board.
“We’re very pleased with the swift and positive conclusion of
this open season, demonstrating the continued strong market support
for our project and the much-needed access to new markets it brings
to Canadian producers and the secure supply of Canadian crude to
refineries throughout the Pacific basin,” said Ian Anderson,
president of Kinder Morgan Canada.
Next steps for the project include arranging acceptable
financing and a final investment decision by Kinder Morgan.
Construction is set to begin in fall 2017 and the project is
expecting an in-service date of late 2019.
About Trans Mountain Expansion Project
In November 2016, the Government of Canada approved Kinder
Morgan Canada’s plan to expand the existing Trans Mountain Pipeline
system – between Edmonton, Alberta, and Burnaby, British Columbia.
The project is subject to 157 Conditions from the National Energy
Board that covers the life span of the project, and 37 Conditions
attached to the Environmental Certificate received from the
Government of British Columbia in January 2017. For almost 60
years, the 1,150-km Trans Mountain pipeline system has been safely
and efficiently providing the only West Coast access for Canadian
oil products, including about 90 percent of the gasoline supplied
to the interior and south coast of British Columbia. For more
information, please visit www.transmountain.com.
About Kinder Morgan
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy
infrastructure companies in North America. It owns an interest in
or operates approximately 84,000 miles of pipelines and 155
terminals. The company’s pipelines transport natural gas, gasoline,
crude oil, CO2 and other products, and its terminals store and
handle petroleum products, chemicals and other products. For more
information please visit www.kindermorgan.com.
Important Information Relating to
Forward-Looking Statements
This news release includes forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995 and Section 21E of the Securities and Exchange Act of 1934.
Generally the words “expects,” “believes,” anticipates,” “plans,”
“will,” “shall,” “estimates,” and similar expressions identify
forward-looking statements, which are generally not historical in
nature. Forward-looking statements are subject to risks and
uncertainties and are based on the beliefs and assumptions of
management, based on information currently available to them.
Although Kinder Morgan believes that these forward-looking
statements are based on reasonable assumptions, it can give no
assurance that any such forward-looking statements will
materialize. Important factors that could cause actual results to
differ materially from those expressed in or implied from these
forward-looking statements include the risks and uncertainties
described in Kinder Morgan’s reports filed with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for
the year-ended December 31, 2016 (under the headings “Risk Factors”
and “Information Regarding Forward-Looking Statements” and
elsewhere) and its subsequent reports, which are available through
the SEC’s EDGAR system at www.sec.gov and on our website at
ir.kindermorgan.com. Forward-looking statements speak only as of
the date they were made, and except to the extent required by law,
Kinder Morgan undertakes no obligation to update any
forward-looking statement because of new information, future events
or other factors. Because of these risks and uncertainties, readers
should not place undue reliance on these forward-looking
statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20170322005658/en/
Kinder Morgan, Inc.Media RelationsAli Hounsell,
855-908-9734 or
604-908-9734media@transmountain.comwww.transmountain.comorInvestor
Relations855-908-9734km_ir@kindermorgan.comwww.kindermorgan.com
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