By OGJ editors
HOUSTON, July 13 -- Kinder Morgan Energy Partners LP (KMP) plans to acquire two terminals in separate transactions totaling $48 million and plans to invest an additional $48 million in two unrelated terminal expansion projects.
The terminals being acquired are an oil products terminal in New York Harbor from ExxonMobil Oil Corp. and a dry-bulk river terminal along the Ohio River in Hawsville, Ky.
The New York terminal has storage capacity of 2.3 million bbl for gasoline, diesel, and fuel oil. KMP expects to bring several idle tanks back into service for a further 550,000 bbl of capacity. KMP also plans to rebuild a berth to accommodate tankers.
The terminal expansion projects involve KMP's liquids terminal complex on the Houston Ship Channel and its Shipyard River bulk terminal in Charleston, SC.
On the Houston Ship Channel, KMP will construct 600,000 bbl of storage capacity for gasoline and distillate at its Pasadena liquids terminal.
KMP's 2005 acquisitions as of July 11 totaled nearly $400 million. In June, KMP agreed to acquire a natural gas storage facility with 6.3 bcf of capacity in Dayton, Tex., from Texas Genco for $51 million plus debt of $49 million.
