Company News »

Kinder Morgan to Purchase Three Vopak U.S. Terminals and One Undeveloped Site for $158 Million

Business Wire
Share on StockTwits
Published on

Kinder Morgan, Inc. (NYSE:KMI) today announced that it will purchase three terminals and one undeveloped site from Royal Vopak for approximately $158 million. The acquisition covers a 36-acre, 1,069,500-barrel storage complex at Galena Park, Texas, that handles base oils, biodiesel and crude oil, immediately adjacent to Kinder Morgan’s Galena Park terminal complex; two Vopak terminals in North Carolina, one in North Wilmington that handles chemicals and black oil, and one in South Wilmington that is not currently operating; and an undeveloped site at Perth Amboy, New Jersey, with waterfront access that can be developed. The transaction, subject to customary approvals, is expected to close during the first quarter and will be immediately accretive to KMI earnings.

“After closing, this transaction will further solidify Kinder Morgan’s position as the largest independent terminal operator in North America,” said John Schlosser, Kinder Morgan Terminals president. “This highly strategic acquisition will increase Kinder Morgan’s liquids storage capacity by more than 2.2 million barrels and 115 tanks while adding critical dock capacity on the Houston Ship Channel and in Wilmington,” Schlosser said.

Exclusive of the planned acquisition, Kinder Morgan’s overall Houston Ship Channel presence will total over 400 storage tanks with 43 million barrels of capacity upon completion of existing expansion projects.

Kinder Morgan, Inc. (NYSE:KMI) is the largest energy infrastructure company in North America. It owns an interest in or operates approximately 80,000 miles of pipelines and 180 terminals. The company’s pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and its terminals store petroleum products and chemicals, and handle bulk materials like coal and petroleum coke. Kinder Morgan is the largest midstream and third largest energy company in North America with an enterprise value of more than $125 billion. For more information please visit www.kindermorgan.com.

This news release includes forward-looking statements. These forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although Kinder Morgan believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that such assumptions will materialize. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include those enumerated in Kinder Morgan’s reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, Kinder Morgan undertakes no obligation to update or review any forward-looking statement because of new information, future events or other factors. Because of these uncertainties, readers should not place undue reliance on these forward-looking statements.

Share on StockTwits