Kinder Morgan and Neste Announce Commercial In-Service of Major Renewable Feedstock Storage and Logistics Hub
May 08 2023 - 4:05PM
Business Wire
Advancing development of renewable diesel
fuel, sustainable aviation fuel and renewable plastics
Kinder Morgan, Inc. (NYSE: KMI) today announced the commercial
in-service of its renewable feedstock storage and logistics hub
project with Neste, a leading provider of renewable diesel and
sustainable aviation fuel. Neste will store a variety of raw
materials like used cooking oil, which it collects from more than
80,000 restaurants across the United States, at Kinder Morgan’s
Harvey Terminal in Harvey, Louisiana to be used as feedstock in the
production of renewable fuels and plastics. Enhancements to rail,
truck and marine infrastructure have also been made at the facility
to meet the modal flexibility requirements of Neste’s feedstock
supply chain.
“We are proud to be taking a leading role with Neste in
supporting a sustainable future,” said KMI’s President of Terminals
John Schlosser. “This project is a great example of how Kinder
Morgan’s vast network of existing terminal infrastructure can be
swiftly converted to meet the growing needs of the renewable fuels
market in the U.S.”
“Neste is committed to creating a healthier planet for our
children. We cannot do it alone, however,” said Chris Cooper,
President of Neste US. “We’re elated to see the Harvey Terminal
conversion project come to fruition, and we look forward to ongoing
collaboration with Kinder Morgan.”
“This project is another step forward for Louisiana’s long-term
strategy for emissions reduction and energy sector
diversification,” said Louisiana Gov. John Bel Edwards, who
recently joined Kinder Morgan and Neste at a ribbon cutting for the
project. “I appreciate Kinder Morgan and Neste’s dedication to
advancing energy solutions and establishing the foundation of a
sustainable future for our economy and our people.”
The project is supported by a long-term commercial commitment
from Neste and at Neste’s option, the facility can be further
expanded.
About Kinder Morgan
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy
infrastructure companies in North America. Access to reliable,
affordable energy is a critical component for improving lives
around the world. We are committed to providing energy
transportation and storage services in a safe, efficient, and
environmentally responsible manner for the benefit of people,
communities and businesses we serve. We own an interest in or
operate approximately 82,000 miles of pipelines, 140 terminals, 700
billion cubic feet of working natural gas storage capacity and have
renewable natural gas generation capacity of approximately 2.2 Bcf
per year of gross production with up to an additional 5.2 Bcf in
development. Our pipelines transport natural gas, renewable fuels,
refined petroleum products, crude oil, condensate, CO2 and other
products, and our terminals store and handle various commodities
including gasoline, diesel fuel, renewable fuel feedstocks,
chemicals, ethanol, metals and petroleum coke. Learn more about our
work advancing energy solutions on the lower carbon initiatives
page at www.kindermorgan.com.
About Neste
Neste (NESTE, Nasdaq Helsinki) creates solutions for combating
climate change and accelerating a shift to a circular economy. We
refine waste, residues and innovative raw materials into renewable
fuels and sustainable feedstock for plastics and other materials.
We are the world’s leading producer of sustainable aviation fuel
and renewable diesel and developing chemical recycling to combat
the plastic waste challenge. We aim at helping customers to reduce
their greenhouse gas emissions with our renewable and circular
solutions by at least 20 million tons annually by 2030. Our
ambition is to make the Porvoo oil refinery in Finland the most
sustainable refinery in Europe by 2030. We are introducing
renewable and recycled raw materials such as liquefied waste
plastic as refinery raw materials. We have committed to reaching
carbon-neutral production by 2035, and we will reduce the carbon
emission intensity of sold products by 50% by 2040. We also have
set high standards for biodiversity, human rights and supply chain.
We have consistently been included in the Dow Jones Sustainability
Indices and the Global 100 list of the world’s most sustainable
companies. In 2022, Neste's revenue stood at EUR 25.7 billion. Read
more: neste.com
Important Information Relating to
Forward-Looking Statements
This news release includes forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995 and Section 21E of the Securities and Exchange Act of 1934.
Generally the words “expects,” “believes,” anticipates,” “plans,”
“will,” “shall,” “estimates,” and similar expressions identify
forward-looking statements, which are not historical in nature.
Forward-looking statements in this news release include express or
implied statements concerning the energy evolution and benefits of
the renewable feedstock storage and logistics hub. Forward-looking
statements are subject to risks and uncertainties and are based on
the beliefs and assumptions of management, based on information
currently available to them. Although KMI believes that these
forward-looking statements are based on reasonable assumptions, it
can give no assurance as to when or if any such forward-looking
statements will materialize or their ultimate impact on KMI’s
operations or financial condition. Important factors that could
cause actual results to differ materially from those expressed in
or implied by these forward-looking statements include the risks
and uncertainties described in KMI’s reports filed with the
Securities and Exchange Commission (SEC), including its Annual
Report on Form 10-K for the year-ended December 31, 2022 (under the
headings “Risk Factors” and “Information Regarding Forward-Looking
Statements” and elsewhere) and its subsequent reports, which are
available through the SEC’s EDGAR system at www.sec.gov and on
KMI’s website at ir.kindermorgan.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230508005636/en/
Amy Baek Media Relations (713) 420-4644
newsroom@kindermorgan.com
Investor Relations (800) 348-7320 km_ir@kindermorgan.com
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