HOUSTON, June 15 /CNW/ -- Knight Inc. (formerly known as Kinder Morgan,
Inc.) today announced the closing of the sale of the Corridor Pipeline System
to Inter Pipeline Fund in Canada for approximately C$760 million (includes
debt associated with Corridor's existing assets). Additionally, Inter Pipeline
Fund will assume all of the debt associated with the expansion currently
taking place on Corridor. The pipeline transports diluted bitumen from the
Athabasca Oil Sands Project (AOSP) near Fort McMurray, Alberta, to the
Scotford Upgrader near Fort Saskatchewan, Alberta.
The transaction does not include any other Kinder Morgan Canada assets.
"We are diligently moving forward on plans to further expand the Trans
Mountain Pipeline and to assess expansion opportunities for the Express/Platte
pipeline system, and we will continue to pursue additional infrastructure
opportunities related to increasing oilsands production," said Kinder Morgan
Canada President Ian Anderson. He added the company recently acquired the
Vancouver Wharves bulk marine terminal in British Columbia, is currently
constructing a major merchant terminal in Edmonton, Alberta, and will continue
to pursue additional pipeline and terminal projects in Canada.
Knight Inc. (f/k/a Kinder Morgan, Inc.) is one of the largest energy
transportation and storage companies in North America. It owns an interest in
or operates approximately 38,000 miles of pipelines that transport primarily
natural gas, crude oil, petroleum products and CO2, and over 155 terminals
that store, transfer and handle products like gasoline and coal. Knight Inc.
owns the general partner interest of Kinder Morgan Energy Partners (NYSE:
KMP), one of the largest publicly traded pipeline limited partnerships in the
United States. KMP has an enterprise value of approximately $19 billion.
This news release includes forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Although Knight Inc. (f/k/a Kinder Morgan, Inc.)
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 Knight Inc.'s Forms 10-K
and 10-Q as filed with the Securities and Exchange Commission.
For further information:
For further information: Larry Pierce, Media Relations, +1-713-369-9407,
or Mindy Mills, Investor Relations, +1-713-369-9490, both of Knight Inc. Web