Kinder Morgan Grows Petcoke Terminal Network with Port Arthur Acquisition

abarrelfullabarrelfull wrote on 13 Jun 2011 13:33
Tags: kinder-morgan refinery total usa

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Kinder Morgan Energy Partners, L.P. (NYSE: KMP) today announced that it has acquired a newly constructed petroleum coke (petcoke) terminal in Port Arthur, Texas, for approximately $67 million from TGS Development Group. KMP will operate the facility, which handles petcoke from Total Petrochemicals USA, Inc.'s recently expanded Port Arthur refinery, and provide conveying, storage and ship loading services to Total pursuant to a 25-year contract. The refinery is expected to produce more than 1 million tons of petcoke annually. The transaction, which was developed in partnership with TGS and Total, is expected to be immediately accretive to cash distributable to KMP unitholders.

"We are pleased to expand our large petcoke handling network and look forward to providing superior service to Total through this long-term contract," said Jeff Armstrong, president of Kinder Morgan's Terminals segment. Kinder Morgan is the largest handler of petcoke in North America and expects to handle more than 13 million tons in 2011.

Kinder Morgan Energy Partners, L.P. (NYSE: KMP) is a leading pipeline transportation and energy storage company in North America. KMP owns an interest in or operates more than 28,000 miles of pipelines and 180 terminals. Its pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and its terminals store petroleum products and chemicals and handle such products as ethanol, coal, petroleum coke and steel. KMP is also the leading provider of CO2 for enhanced oil recovery projects in North America. One of the largest publicly traded pipeline limited partnerships in America, KMP has an enterprise value of over $33 billion. The general partner of KMP is owned by Kinder Morgan, Inc. (NYSE: KMI). Combined, KMI and KMP have an enterprise value of approximately $55 billion.

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