Kinder Morgan To Buy Petroleum Coke Terminal For $67 Million
June 13 2011 - 10:10AM
Dow Jones News
Kinder Morgan Energy Partners LP (KMP) will acquire a newly
constructed petroleum coke terminal from TGS Development Group for
$67 million.
As one of the largest North American pipeline operators, Kinder
Morgan has in recent months said it is seeking new expansion
opportunities. The terminal, based in Port Arthur, Texas, currently
handles the material for Total Petrochemicals USA. Kinder Morgan,
also North America's largest petroleum coke handler, will operate
the facility.
In April, Kinder Morgan reported its first-quarter profit rose
49.9% as overall costs decreased.
Shares of the company were at $72.95 in early trade. Year to
date, the stock is up 3.9%.
-By Mia Lamar, Dow Jones Newswires; 212-416-3207;
mia.lamar@dowjones.com