Kinder Morgan acquires facilities, expands
Mar 1, 2002 12:00 PM
Kinder Morgan Energy Partners LP has announced two acquisitions and a major expansion program within its terminals business segment, representing an investment of $43 million.
The purchases include Pittsburgh PA-based Laser Materials Services LLC, operator of 59 transload facilities in 18 states, and a two-thirds interest in International Marine Terminals Partnership (IMT), which operates a bulk terminal site in Port Sulphur LA. In addition, KMP has launched a major expansion project at its liquids terminal in Carteret NJ.
Transload facilities associated with the Laser acquisition handle dry-bulk products, including aggregates, plastics, and liquid chemicals. The 59 locations are equipped for bimodal (rail-to- truck/truck-to-rail) operation and handled more than 60,000 railcars (approximately 6 million net tons) of throughput in 2001. Customers of Laser own the complexes, and Kinder Morgan will serve as operator.
As part of the IMT transaction, KMP purchased a one-third interest from Marine Terminals Inc and a one-third interest from Glenn Springs Holdings Inc. The Port Sulphur location is a multipurpose import and export facility that handles approximately 7 million tons annually of bulk products including coal, petroleum coke, and iron ore.
The Carteret expansion program, which is being carried out by KMP subsidiary Kinder Morgan Liquids Terminals LLC, will add 400,000 barrels of storage within the next year. Currently, the facility's 261 tanks have 6.6 million barrels of storage capacity for petroleum and petrochemical products.
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