Kinder Morgan Partners, Imperial to build Edmonton crude oil rail terminal

Kinder Morgan Partners (KMP +0.4%) and Imperial Oil (IMO -0.4%) form a 50-50 joint venture to build a crude oil rail-loading facility in Alberta for ~$170M.

IMO will be the base load customer and has subscribed for the start-up capacity through a long-term contract, as the partners market possible expansion capacity to potential third-party customers.

In addition, KMP will invest ~$100M in pipeline connections and two new staging tanks to be constructed within its Edmonton storage facility.

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