Kinder Morgan Inc. closed the acquisition of 15 refined product terminals from BP North America Inc. for about $350 million, the company said Jan. 29.
The terminals are in Rochelle, O’Hare, Chicago and Wood River, Ill.; Dayton and Cincinnati, Ohio; Brooklyn, N.Y.; Carteret, N.J.; Curtis Bay, Md.; Port Everglades, Fla.; Atlanta and Doraville, Ga.; Indianapolis; Spring Valley, Mn.; and Richmond, Calif. They have about 9.5 million barrels of storage and associated infrastructure and are key distribution facilities for major refined products markets.
About 160 former BP employees were included as part of the transaction, KMI said.
Through a joint venture (JV) limited liability company, KMI will operate and market 14 of the terminals, which the JV will own. The fifteenth will be owned and operated by KMI.
BP entered commercial agreements for long-term storage and throughput capacity through the JV. This will provide additional third-party capacity.
KMI owns 75% interest in the JV, and said that the investment is included in its 2016 capital plan.
John Schlosser, president of Kinder Morgan Terminals, said that the terminals are connected by pipeline to U.S. refining and processing centers and offer truck, vessel and barge access and terminal service.
Houston-based Kinder Morgan Inc. is North America’s largest energy infrastructure company.
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