Another four new tanks will be commissioned by the end of 2011. The seven new tanks will add a total of 1.035 million bbl to the existing 7.833 million bbl of storage capacity at Kinder Morgan’s Carteret terminal.
This $60 million expansion project was announced by Kinder Morgan in July 2009. Kinder Morgan said that it had entered into an agreement with a major oil company to lease the new tanks.
OPIS reported last year that the major oil company was BP. The new tanks would allow BP to import and trade larger volumes in New York Harbor in the future.
BP is currently an existing tenant at the Carteret terminal, which is shared by another major tenant, GE Warren.
“The redevelopment project at Kinder Morgan’s Carteret facility in Carteret N.J., calls for the addition of a new gasoline/ethanol blending storage facility,” Hollier said.
“Seven new blending tanks will allow for about 1.035 million bbl of storage, making the Carteret facility Kinder Morgan’s second-largest liquids terminal, ranking behind only the Pasadena/Galena Park facility in Texas,” he added.
The Carteret terminal currently has a total capacity of 7.833 million bbl in 280 tanks. Each tank could store between 2,000 to 260,000 bbl.
The terminal has four barge docks.
The terminal also has access the CSX and Norfolk Southern railway services, the New Jersey Turnpike, Routes 1 and 9.
For pipelines, it could receive fuel from the Sunoco, Colonial, Harbor pipeline systems, and it could deliver into the Colonial and Buckeye systems.
The terminal could also accommodate deep-draft ocean-going tankers.