Kinder Morgan acquires terminals
Jul 11, 2005 10:35 AM
Kinder Morgan Energy Partners LP, has acquired two separate terminals, totaling $48 million and an additional $48 million investment for two major terminal expansion projects.
The largest of the transactions is the purchase of a refined petroleum products terminal in New York Harbor from ExxonMobil Oil Corporation (ExxonMobil). The other acquisition involves a dry-bulk river terminal in Kentucky.
The expansion projects will take place at the company's existing liquids terminal complex on the Houston Ship Channel and its Shipyard River bulk terminal in South Carolina.
The acquisitions include:
•New York Harbor on Staten Island; storage capacity of 2.3 million barrels, plus refurbishing of existing tanks that will add an additional 550,000 barrel for gasoline, diesel, and fuel oil; rebuilding a berth with the ability to accommodate tanker vessels.
•In Hawsville KY on the Ohio River; dry-bulk terminal; primarily handles wood chips and finished paper products.
•Houston Ship Channel, 600,000-barrel storage capacity for gasoline and distillate at the Pasadena liquids terminal.
•Charleston SC, improvements at the company's Shipyard River terminal, 30 percent throughput increase; 3.5 million tons of bulk products handled annually, mainly coal, petroleum coke, and cement.
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