Kinder Morgan purchases two Florida bulk terminals
Dec 30, 2003 12:00 PM
Kinder Morgan Energy Partners LP, Houston TX, 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, Lake Forest IL, for approximately $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 at Port Sutton FL 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. It has a 50,000-ton ammonia storage tank, two ship berths, and one ship loader. KMP intends to invest an additional $14.9 million in the terminal to accommodate additional products at the 114-acre site facility.
Additionally, KMP 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.