Kinder Morgan acquires terminals, plans additional expansion
Oct 14, 2002 12:00 PM
Kinder Morgan Energy Partners (KMP) LP, Houston TX, has purchased two terminal facilities located along the Mississippi and Ohio Rivers and has entered into a long-term contract to build additional storage capacity at KMP's liquids terminal in New York Harbor. The investments total $36 million, according to KMP information.
One of the recently completed acquisitions involved the purchase of a marine terminal in St Gabriel LA from the Canadian National Railroad. The facility features 400,000 barrels of storage capacity and a related pipeline network. A significant amount of the property remains undeveloped and is available for future expansion.
In a separate transaction, KMP acquired the Lanham River Terminal near Owensboro KY. The 92-acre site, which Kinder Morgan has renamed the Owensboro Gateway Terminal (OGT), occupies more than a mile of waterfront along the Ohio River and is one of the nation's largest storage and handling points for bulk aluminum. The terminal also handles other bulk materials including lime, petroleum coke, coal, grain, and woodchips.
KMP has also entered into a long-term storage agreement with a petroleum customer that will require construction of an additional 300,000 barrels of storage at its Perth Amboy NJ terminal. As part of the project, KMP will build three 100,000-barrel tanks, increasing petroleum capacity at the facility by more than 20 percent. The need for additional storage is being driven by increased demand for clean-fuel storage capacity in New York Harbor.