Kinder Morgan, Zenith Energy buy BP terminals
Kinder Morgan Inc. closed an acquisition of 15 products terminals in North America from BP as Zenith Energy signed an agreement to buy the oil company’s products terminal in Amsterdam.
The Kinder Morgan transaction is valued at about $350 million and covers storage capacity totaling 9.5 million bbl and associated infrastructure.
Kinder Morgan will operate 14 of the acquired terminals owned by a joint venture it has formed with BP Products North America. Kinder Morgan owns 75% of the JV. The BP unit owns the balance.
Kinder Morgan owns all of the 15th terminal.
Zenith, Houston, expects to take ownership of the Amsterdam terminal by the end of the first quarter. Storage capacity there exceeds 6 million bbl of gasoline, ethanol, middle distillates, biodiesel, kerosine, and LPG.
Terms of the Zenith acquisition weren’t disclosed.