Kinder Morgan Energy Partners LP (NYSE:KMP) Acquires Three Unit Train Ethanol Handling Terminals

Kinder Morgan Energy Partners LP (NYSE:KMP) has announced that it has acquired three unit train ethanol handling terminals in Linden, New Jersey, Baltimore, Maryland, and Dallas, Texas from US Development Group.

The acquisition was part of a terminal venture to handle renewable fuels. The $195 million transaction will create a nationwide distribution network of ethanol handling facilities. The network will help the company meet the growing need for biofuels, mandated by the Renewable Fuels Standard, in the nation. The terminal and pipeline venture and existing operations of KMP is anticipated to handle in excess of 218,000 barrels of ethanol per day in 2010.

Kinder Morgan Energy Partners, L.P. (KMP) is a pipeline transportation and energy storage company in North America. The Company owns an interest in or operate more than 26,000 miles of pipelines and approximately 170 terminals. The pipelines transport natural gas, gasoline, crude oil, carbon dioxide and other products, and the terminals store petroleum products and chemicals and handle bulk materials like coal and petroleum coke. KMP is also a provider of carbon dioxide for the oil recovery projects in North America. The Company operates in five business segments: product pipelines, natural gas pipelines, CO2 , terminals and Kinder Morgan Canada. On April 1, 2008, the Company sold its 25% equity ownership interest in Thunder Creek Gas Services, LLC to PVR Midstream LLC, subsidiary of Penn Virginia Corporation. In October 2009, Crosstex Energy, L.P. and Crosstex Energy, Inc. completed the sale of its natural gas treating business to Kinder Morgan Energy Partners, L.P.

source: transworldnews