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Feb 1, 2004 12:00 PM

Kinder Morgan Energy Partners LP has purchased two terminals in Tampa FL for approximately $24.9 million. The principal purchase was a marine terminal from a subsidiary of IMC Global Inc for about $23.3 million.

The two companies also entered into a long-term agreement enabling IMC to be the primary user of the facility, which KMP will operate and rename the Kinder Morgan Tampaplex Terminal. The terminal serves as a storage and receipt point for imported ammonia, as well as an export location for dry-bulk products including fertilizer and animal feed. KMP intends to invest another $14.9 million in the terminal to accommodate additional products at the 114-acre facility.

KMP also purchased the former Nitram Inc terminal for $1.6 million, which it plans to use as an inland bulk storage warehouse facility for overflow cargoes from the company's Port Sutton import terminal. KMP intends to invest another $2 million in the facility.

Year to date, KMP has completed acquisitions totaling approximately $390 million, including additional investments the company will make to the acquired assets.