Houston-based Kinder Morgan Inc. (NYSE: KMI) said it will put down $158 million for three terminals and an undeveloped site from the Netherlands-based tank storage company Royal Vopak.
The acquisition includes a 36-acre storage complex in Galena Park, near the Houston Ship Channel. The complex can store more than 1 million barrels of base oils, biodiesel and crude oil, and it is adjacent to Kinder Morgan’s existing Galena Park terminal, according to a company statement.
The acquisition of Royal Vopak’s assets puts Kinder Morgan’s ship channel presence at more than 400 storage tanks with storage capacity of 43 million barrels.
Kinder Morgan also purchased two terminals in Wilmington, North Carolina, and an undeveloped waterfront site in New Jersey.
The deal is expected to close in the first quarter of this year.