The remaining 2% ownership of the terminal, construction of which began three weeks ago, will be held by a customer at BOSTCO. The $430 million facility (capable of handling ships with drafts of up to 45 feet) will be located at mile marker 43 on the Houston Ship Channel.   
“The project will include one of the deepest vessel drafts in the Houston Ship Channel and position Kinder Morgan extremely well for the growing trend of exporting petroleum related products overseas,” Kinder Morgan Terminals President Jeff Armstrong said in a statement. The first phase of the project includes construction of 52 storage tanks with capacity of 6.6 million bbl for residual fuel, feedstocks, distillates and other black oils. Service agreements and letters of intent have been executed with customers for almost all of the capacity, according to Kinder Morgan. The initial phase of the project is expected to be accretive to unit holders in the master limited partnership when it comes on line in the third quarter of 2013. BOSTCO is expected to be completed by the first quarter of 2014.