The BOSTCO project intends to design and develop a new oil terminal on the Houston Ship Channel.
Kinder Morgan now owns 98% of BOSTCO and has commenced construction on the new, approximately $430m oil terminal.
A customer at the BOSTCO facility will hold the remaining 2% interest in the project.
The first phase of the BOSTCO project now includes construction of 52 storage tanks and is expected to be completed by the first quarter of 2014.
The 52 storage tanks will have a total capacity of 6.6 million barrels for handling residual fuel, feedstocks, distillates and other black oils.
According to TransMontaigne, terminal service agreements and/or letters of intent have been executed with customers for almost all of the capacity.
