Jan 15, 2013
Reuters photographer Akintunde Akinleye recently gained rare access to an illegal oil refinery near the river Nun in Nigeria‘s oil state of Bayelsa. There, he was able to document the secret and dangerous practice of oil bunkering, where locals hack into oil pipelines, steal the crude oil, and refine or sell it abroad. For over 50 years now, crude oil and natural gas have been extracted from the Niger Delta by large corporations, which have had their share of environmental disasters. The ongoing damage from the tapped pipes and these makeshift refineries continue to take a terrible toll on the environment and the local population. See also “Nigeria: The Cost of Oil” from 2011. [30 photos]
More photos: Source
TransMontaigne Partners held 50 percent interest in the Battleground Oil Specialty Terminal Company, or BOSTCO, joint venture, which is slated to build 52 oil storage tanks with a total capacity of 6.6 million barrels on the Houston Ship Channel.
Kinder Morgan Energy Partners now owns 98 percent of the project, with an unnamed BOSTCO customer controlling the remaining 2 percent.
Construction began Dec. 14 on the terminal, which will handle low-grade petroleum products and residual fuel used by ship engines and industrial plants. It will begin limited operation in the third quarter of 2013. The terminal is scheduled to be fully operational in early 2014.
“The project will include one of the deepest vessel drafts in the Houston Ship Channel and position Kinder Morgan extremely well for the growing trend of exporting petroleum related products overseas,” said Kinder Morgan Terminals President Jeff Armstrong in a written statement.
- Kinder Morgan to build new facility (mysanantonio.com)
- Kinder Morgan to Invest in $400M Oil Terminal on Houston Ship Channel (gcaptain.com)
- Kinder Morgan’s Big Bet on Drilling Boom (nytimes.com)
- Is Kinder Morgan Energy Partners the Right Stock to Retire With? (dailyfinance.com)
- Our Top 5 Energy Stocks for 2012: Kinder Morgan (dailyfinance.com)