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
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.
(c) Copyright 2021 DTN, LLC. All rights reserved.