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Kinder Morgan to purchase three Vopak US terminals

Transaction will boost Kinder Morgan’s storage capacity to 138 million bbl in North America
Kinder Morgan to purchase three Vopak US terminals

Kinder Morgan today announced that it will purchase three terminals and one undeveloped site from Royal Vopak for approximately US$158 million. The acquisition covers a 36 acre, 1 million bbl storage complex at Galena Park, Texas, that handles base oils, biodiesel and crude oil. The transaction, subject to customary approvals, is expected to close during the first quarter and will be immediately accretive to KMI earnings.

“This highly strategic acquisition will increase Kinder Morgan’s liquids storage capacity by more than 2.2 million bbl and 115 tanks while adding critical dock capacity on the Houston Ship Channel and in Wilmington”

“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 bbl 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 bbl of capacity upon completion of existing expansion projects.

Image from Vopak

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