FEBRUARY 12, 2015
Kinder Morgan inked a deal Wednesday to purchase three terminals and
one undeveloped site from Netherlands-based Royal Vopak for $158
million.
The acquisition covers a 36-acre, 1,069,500-barrel storage complex at
Galena Park, Texas, that handles base oils, biodiesel and crude oil,
immediately adjacent to Kinder Morgan’s Galena Park terminal complex.
The deal also includes two Vopak terminals in North Carolina, one in
North Wilmington that handles chemicals and black oil, and one in South
Wilmington that is not currently operating.
Houston-based Kinder Morgan will also acquire an undeveloped site at
Perth Amboy, New Jersey, with waterfront access that can be developed.
The transaction, subject to customary approvals, is expected to close
during the first quarter and will be immediately accretive to KMI
earnings.
The acquisition will increase Kinder Morgan’s liquids storage
capacity by more than 2.2 million barrels 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,” Kinder Morgan Terminals president John Schlosser said.