19 January 2010 21:27 [Source: ICIS news]
HOUSTON (ICIS news)--Kinder Morgan is buying three ethanol terminals from US Development Group (USD), while forming a joint venture with USD to coordinate access to the facilities, the company said on Tuesday.
The transaction includes the acquisition of terminals in New Jersey, Maryland and Texas.
Kinder Morgan said it would pay approximately $195m (€135m) for the facilities, including over $80m in equity issued to the seller.
The new terminals and joint venture combined with Kinder Morgan’s existing operations will allow for the handling some 218,000 bbl/day of ethanol in 2010, the company said.
Kinder Morgan said it has invested approximately $500m in the renewable fuels handling business.
Among other assets, the company operates a 110-mile (177 km) pipeline in Florida, which transports gasoline and batched denatured ethanol between terminals in Tampa and Orlando.
($1 = €0.69)
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