Jun 13, 2011
Kinder Morgan Energy Partners L.P. (NYSE:KMP) announced today it has acquired a new petroleum coke terminal in Port Arthur, Texas, for approximately $67 million from TGS Development Group.
Kinder Morgan will operate the facility from Total Petrochemicals USA, Inc's recently expanded Port Arthur refinery, and provide services including conveying, storage and ship loading to Total pursuant to a 25-year contract.
Kinder Morgan expects the deal to be immediately accretive to cash distributable to KMP unitholders.
Jeff Armstrong, president of Kinder Morgan's Terminals segment said, "We are pleased to expand our large petcoke handling network and look forward to providing superior service to Total through this long-term contract." Kinder Morgan is the largest handler of petroleum coke in North America and expects to process more than 13 million tons in 2011.
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