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Kinder Morgan Energy Partners L.P. yesterday announced plans to spend about $58 million to expand its chemical storage capacity in Louisiana and South Carolina.

The company entered into a long-term contract with Methanex Corp. to support the construction of methanol storage facility near Kinder Morgan's liquids terminal in Geismar, La. Kinder Morgan will build, own and operate the storage tanks and related infrastructure, including improvements to an existing dock.

The terminal infrastructure will provide rail, marine and truck access in support of a methanol production plant being relocated by Methanex from Chile, South America. The infrastructure is expected to be in service in 2014's second half, coinciding with the anticipated start up of the relocated plant, Kinder Morgan officials said in a press release.

Kinder Morgan also acquired Quality Carriers Inc.'s 26-acre terminal in Chester, S.C. The 19-tank facility stores 35,000 barrels of liquids, and receives product by rail and distributes it by truck.

"We are pleased to be entering the public liquid terminal market in the greater Charlotte area and look forward to growing that business with new chemical customers," said Kinder Morgan Terminals President John Schlosser.