BP and Kinder Morgan will form joint venture
BP and Kinder Morgan will form a joint venture to hold 14 of the 15 terminals being sold. Kinde The pipeline company will have sole ownership of one terminal.
"It enables BP to maintain strategic access to terminals nationwide, while reducing operating costs and complexity," said Doug Sparkman, a BP executive.
BP will continue to use the terminals as key distribution hubs for gasoline and other refined products, the company said.
The terminals, which can store about 9.5 million barrels of refined products, are located across the United States. The company will continue to own terminals in Indiana, Iowa, Oregon, Washington and New Jersey. ■