Kinder Morgan (KMP) Will Invest $140M in Gulf Coast Expansion; Arch Coal (ACI) to Support Effort
Down)
Kinder Morgan Energy Partners, L.P. (NYSE: KMP) has announced plans to invest approximately $140 million to further expand its coal handling facilities along the Gulf Coast. Concurrently, Arch Coal (NYSE: ACI) has signed a long-term throughput agreement with KMP that will help support the expansion of these export facilities. Also, Arch and KMP are in final discussions to include, in the throughput agreement, port space for coal shipments at KMP-owned facilities on the East Coast.
Upon completion of the proposed terminal upgrades and subject to certain rail service agreements, Arch will ship coal at guaranteed minimum volume levels through KMP-owned terminals. The expansion of KMP’s export facilities along the Gulf Coast and East Coast will provide incremental port capacity for Arch’s growing seaborne coal volumes.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
Upon completion of the proposed terminal upgrades and subject to certain rail service agreements, Arch will ship coal at guaranteed minimum volume levels through KMP-owned terminals. The expansion of KMP’s export facilities along the Gulf Coast and East Coast will provide incremental port capacity for Arch’s growing seaborne coal volumes.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
You May Also Be Interested In
- Syngenta (SYT) settles atrazine litigation; will pay $105M in deal
- Apple (AAPL) Amends RSU Award Agreements in Lieu of Upcoming Dividend; CEO Cook Defers
- Pre-Open Movers 5/24: (P) (HPQ) (PVH) Higher; (NTAP) (MTGE) (TIF) Lower (more...)
Create E-mail Alert Related Categories
Corporate NewsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
