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Kinder Morgan and Neste Announce Commercial In-Service of Major Renewable Feedstock Storage and Logistics Hub
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Advancing development of renewable diesel fuel, sustainable aviation fuel and renewable plastics
HOUSTON--(BUSINESS WIRE)--
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.
