Kinder Morgan to acquire five Shell terminals
Sep 25, 2003 12:00 PM
Kinder Morgan Energy Partners LP, Houston TX, plans to purchase five refined petroleum products terminals in the western United States from Shell Products US for $20 million.
The facilities feature automated truck-loading equipment and offer a variety of blending services.
Following the closing, KMP plans to invest an additional $8 million in the facilities.
The terminals, located in Colton and Mission Valley CA, Phoenix and Tucson AZ, and Reno NV, have a combined 28 tanks with storage capacity of approximately 700,000 barrels for gasoline, diesel and jet fuel.
In addition, Shell has entered into a long-term contract to store products in the terminals. The transaction is expected to be completed in the fourth quarter of 2003.