Kinder Morgan Sold Idled NY Terminals in Q4 for $85M
1/20 4:42 PM
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. (c) Copyright 2021 DTN, LLC. All rights reserved.
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