Kinder Morgan acquires Southeastern US liquids terminals from ExxonMobil

By OGJ editors

HOUSTON, Feb. 6 -- Kinder Morgan Energy Partners LP Wednesday reported reaching an agreement with ExxonMobil Corp. to purchase seven refined petroleum products terminals in the US Southeast. The terminals have a combined storage capacity of about 3.2 million bbl for gasoline, jet fuel, and diesel.

The terminals are in Collins, Miss.; Knoxville, Tenn.; Charlotte and Greensboro, NC; and Richmond, Roanoke, and Newington, Va.

ExxonMobil also has entered into a long-term contract with Kinder Morgan to use the terminals upon closing.

The acquisition, according to Kinder Morgan Chairman and CEO Richard D. Kinder, complements the company's recent acquisition of seven other liquids terminals in the US Southeast, a bourgeoning natural gas market region.

All seven terminals connect to Plantation Pipe Line Co.'s system, which is operated and owned 51% by Kinder Morgan. Two of the terminals also are tied to Colonial Pipeline Co. Kinder Morgan will fully own and operate all of the terminals.