By the OGJ Online Staff
HOUSTON, Oct. 17 -- Kinder Morgan Energy Partners LP, Houston, is buying liquids terminals in Perth Amboy, NJ, and Chicago from Stolt-Nielson Transportation Group Inc. for $70 million.
Richard Kinder, KMP chairman and CEO, said, "The acquisition is expected to be immediately accretive to cash available for distribution to KMP unitholders upon closing. We have now announced nearly $600 million in acquisitions this year, nearly one-third of which have been in the terminals segment.
"As one of the largest independent operators of terminals in the US, we will continue to explore and pursue additional opportunities to further grow our petroleum, chemical, and dry-bulk storage and transfer capabilities."
KMP owns more than 40 liquids terminals with capacity of more than 53 million bbl. It also has more than 30 dry bulk terminals, which transload more than 50 million tons/year of coal, petroleum coke, and other materials.
The Chicago terminal handles a variety of liquid chemicals with a working capacity of more than 740,000 bbl. It has access to transportation options including terminals, rail, barge, ship, truck, and transloading.
The Perth Amboy facility on the Arthur Kill River 25 miles south of New York City, provides liquid chemical and petroleum storage and handling, as well as dry bulk handling of salt and aggregates. Liquid capacity is more than 2,250,000 bbl. Access includes terminals, pipeline, rail, barge, ship, truck, and transloading.
KMP already had 9 million bbl of infrastructure in Chicago and the New York Harbor.
