Kinder Morgan will acquire 15 refined products terminals from BP for $350 million. The two firms also agreed to form a joint venture company that will own 14 of the acquired terminals. Kinder Morgan will operate the terminals on behalf of the joint venture.
The terminals have a combined 9.5 million barrels of storage and are connected to key refineries and processing centers across the U.S. The transaction is expected to close in the first quarter of 2016.
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