January 30, 2015 [OPIS] - Kinder Morgan has added another oil products terminal near Philadelphia to its rapidly expanding network across the country.
Kinder Morgan has bought the oil products terminal from 121 Point Breeze Terminal LLC, according to Cronus Partners. Cronus was the exclusive financial advisor to the previous owner, Point Breeze, for this deal.
The deal was closed at the end of 2014.
Located on the Schuylkill River south of Philly in Pennsylvania, Point Breeze is a refined petroleum products terminal with close to 600,000 bbl of storage capacity and 300 million gal of throughput capacity.
The terminal serves branded and unbranded retail outlets throughout the Mid-Atlantic region.
Cronus did not reveal the financial terms of the terminal deal.
“Having purchased the Point Breeze Terminal from BP in 2005, refurbished it to an operational level, and expanded its customer base, we proudly believe that its sale to Kinder Morgan positions the terminal well for the future,” said Sem Logovinsky, owner of Point Breeze.
Kinder Morgan has a vast oil terminaling network stretching from coast to coast in the U.S. On the East Coast, it has a total of more than 20 oil terminals in Florida all the way up the Atlantic Coast to New York Harbor.
