Kinder Morgan Sold Idled NY Terminals in Q4 for $85M


   
   OAKHURST, N.J. (DTN) --- KMI in the fourth quarter closed on the sale of its 
idled three million barrel petroleum storage facility in Staten Island, New 
York, for gross proceeds of $85 million, the company reported in its fourth 
quarter earnings release.

   The approximately 250-acre site was sold to affiliates of NorthPoint 
Development, LLC, a Kansas City, Missouri-based industrial real estate 
developer.

   As part of the sale, NorthPoint assumed the costs and lead responsibility 
for site investigation and remediation obligations.

   KMI also reported major elements of the butane-on-demand blending system at 
KMI's Galena Park Terminal, including the construction of a 30,000 bbl butane 
sphere and a new inbound C4 pipeline connection, were successfully completed 
and placed in service in the fourth quarter 2020. The balance of the work, 
including tank and piping modifications to extend butane blending capabilities 
to 25 tanks, two ship docks, and six cross-channel pipelines, is expected to 
complete in the first quarter. The approximately $52 million project is 
supported by a long-term agreement with an investment-grade midstream company.

   Construction is complete on an expansion of KMI's market-leading Argo 
ethanol hub. The project, which spans both the Argo and Chicago Liquids 
facilities, including the addition of 105,000 bbl of ethanol storage capacity 
and enhancements to the system's rail loading and barge loading capabilities. 
The approximately $18 million project improved the system's inbound and 
outbound modal balances, adding greater product-clearing efficiencies to this 
industry-critical pricing and liquidity hub.




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