Kinder Morgan completes $158m deal for tank storage terminals from Vopak
Houston: Kinder Morgan, North America’s largest energy infrastructure company, has completed the purchase of three US terminals from Dutch tank storage firm Royal Vopak for $158m.
The properties involved are Vopak’s terminals in North Wilmington and South Wilmington in North Carolina and its Galena Park hub in Texas. The deal includes an undeveloped site in Perth Amboy, New Jersey.
Vopak’s North Wilmington entity handles chemicals and black oil, while the South Wilmington one has not been operating since being idled in 2013.
Galena Park covers a 36-acre, 1,069,500-barrel storage complex that handles base oils, biodiesel and crude oil and sits adjacent to Kinder Morgan’s existing terminal complex there.
The operational bulk liquid storage capacity of these terminals is 300,750 cu m.
Vopak, which operates 80 terminals in 28 countries, is the world’s largest independent tank storage company by capacity but is implementing a strategy of divesting smaller assets by selling off around 15 terminals.
