Oil and gas distributor Kinder Morgan Energy Partners LP said Wednesday it is investing nearly $133 million Canadian ($118.8 million) to build a crude oil storage facility in Canada.
The company said a subsidiary will begin construction this summer on the oil tank farm in Edmonton, Alberta, which will have nine tanks with a storage capacity of nearly 2.2 million barrels.
It is the first investment in the company’s planned network of storage facilities in western Canada, said Ian Anderson, president of Kinder Morgan Canada.
The tank farm will have access to more than 20 incoming and outbound pipelines, the company said.
Shares of Kinder Morgan Energy Partners added 1 cent to $45.78 in afternoon trading on the New York Stock Exchange.
