HOUSTON, Sept. 28 /CNW/ -- Kinder Morgan Energy Partners, L.P. (NYSE:
KMP) today announced it has purchased the assets of Marine Terminals, Inc. for
approximately $100 million. Marine Terminals, which primarily handles and
stores steel and alloys, has two facilities in Blytheville, Ark., and
individual terminals in Decatur, Ala., Hertford, N.C., and Berkley, S.C. The
five facilities handled approximately 13.4 million tons of steel products in
"These strategically located terminals will continue to provide handling,
processing, harboring and warehousing services to Nucor Corporation, one of
the largest steel and steel products companies in the world, under long-term
contracts," said KMP Terminals President Jeff Armstrong. "Additionally, these
facilities will provide Nucor and other customers further access to our
growing national network of marine and rail terminals." The acquisition is
expected to be immediately accretive to distributable cash flow at KMP.
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 26,000 miles of pipelines and 155 terminals.
Its pipelines transport natural gas, gasoline, crude oil, CO2 and other
products, and its terminals store petroleum products and chemicals and handle
bulk materials like coal and petroleum coke. 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 approximately $20 billion. The general partner of KMP is
owned by Knight Inc. (formerly Kinder Morgan, Inc.), a private company.
This news release includes forward-looking statements. Although Kinder
Morgan believes that its expectations are based on reasonable assumptions, it
can give no assurance that such assumptions will materialize. Important
factors that could cause actual results to differ materially from those in the
forward-looking statements herein are enumerated in Kinder Morgan's Forms 10-K
and 10-Q as filed with the Securities and Exchange Commission.
For further information:
For further information: Emily Mir Thompson, Media Relations,
+1-713-369-8060, or Mindy Mills, Investor Relations, +1-713-369-9490, both of
Kinder Morgan Energy Partners, L.P. Web Site: http://www.kindermorgan.com