Kinder Morgan Energy Partners, LP, has announced it has entered into an agreement to purchase and operate Vancouver Wharves from the British Columbia Railway Company.
The British Columbia Railway Company is a crown corporation owned by the Province of British Columbia.
The Vancouver Wharves, according to a press release by Dallas, Texas, -based Kinder Morgan, is located at the entrance to the Port of Vancouver. It consists of five vessel berths situated on a 139-acre site and includes rail infrastructure, dry bulk and liquid storage, and material handling systems. The terminal handles approximately 3.5 million tons of cargo annually.
“Vancouver Wharves has a strong existing customer base and an excellent location in the Port of Vancouver,” says Jeff Armstrong, Kinder Morgan Partners terminals president, “and we are excited about the significant growth an expansion opportunities this acquisition provides Kinder Morgan in the Canadian market.”
Kinder Morgan is one of the largest publicly traded pipeline limited partnerships in America, reads the press release. The company owns interest in or operates approximately 26,000 miles of pipelines and more than 150 terminals.
The Vancouver wharves currently handle four primary commodities: mineral concentrates, pulp, agri-products, and sulfur.
The transaction is expected to close in the second quarter of 2007.
May 21 2007
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