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

|About: Kinder Morgan Energy Partne... (KMP)|By:, SA News Editor

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.