HOUSTON (Reuters) – Kinder Morgan Inc has dropped out of a recently proposed U.S. Gulf Coast deepwater crude export venture, the project’s leader Enbridge Inc said on Monday.
The $800 million project, known as Texas COLT, is one of eight similar projects proposing facilities that would move U.S. shale to overseas markets by loading supertankers able to carry up to 2 million barrels apiece.
Pipeline operators Enbridge and Kinder Morgan disclosed plans to build an crude export terminal off Freeport, Texas, in January, and filed permit applications with the U.S. Maritime Administration. German oil storage firm Oiltanking Partners remains committed to the project, said Enbridge.
“The project does not align with our strategic priorities,” Kinder Morgan spokeswoman Lexey Long said. The company cited the time