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News Breaks | | | | December 20, 2012 | | 14:39 EDT |  | TLP, KMP | Transmontaigne Partners acquires ownership interest in BOSTCO project
TransMontaigne Partners (TLP) announced that effective December 20, it acquired a 42.5% ownership interest for approximately $79M in Battleground Oil Specialty Terminal Company (BOSTCO), which is developing a new black oil terminal facility on the Houston Ship Channel for handling residual fuel, feedstocks, distillates and other black oils. In connection with its acquisition, TLP has committed to make its pro rata share of the future capital contributions required to complete the initial phase of the BOSTCO project. The initial phase of the BOSTCO project, which is supported by long term contracts with customers, involves construction of 50 storage tanks with approximately 6.1M barrels of storage capacity at an estimated cost of approximately $425M. The BOSTCO facility's docks will benefit from one of the deepest vessel drafts and nearest access points in the Houston Ship Channel and will be well positioned to capitalize on increasing exports of petroleum related products. Our investment in BOSTCO was funded with cash on hand and borrowings under our amended and restated senior secured credit facility provided by a syndicate of banks. In connection with our investment in BOSTCO, our credit facility was amended to increase the maximum revolving credit amount from $250M-$350M. The BOSTCO facility is scheduled to begin initial commercial operation in the fourth quarter of 2013. Completion of the full 6.1M barrels of storage capacity and related infrastructure is scheduled for early 2014. A subsidiary of Kinder Morgan Energy Partners, L.P. (KMP) will manage the day to day operations of the BOSTCO project. | |
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News For TLP;KMP From The Last 14 Days Check below for free stories on TLP;KMP the last two weeks. |
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| May 16, 2013 | | 16:21 EDT | | KMP | Kinder Morgan's Tennessee Gas, Mitsubishi Corp sign transportation agreement
 Subscribe for More Information | | | May 14, 2013 | | 07:16 EDT |  | KMP | Citigroup to host a conference
2013 Global Energy & Utilities Conference is being held in Boston on May 14-16. | | | May 13, 2013 | | 16:57 EDT | | KMP | Kinder Morgan raises FY13 dividend to $1.60 per share from $1.57 per share
Kinder Morgan announced an increase in its projections for Kinder Morgan (KMI) and Kinder Morgan Energy Partners (KMP) primarily based on projected contributions from the Copano Energy acquisition, which closed on May 1. KMI now expects to declare dividends of $1.60 per share up from its published annual budget of $1.57 per share, which represents an increase of approximately 14% over its 2012 declared distribution of $1.40 per share. KMP now expects to declare cash distributions of $5.33 per unit, up from its 2013 published annual budget of $5.28 per unit, which represents a 7% increase over its 2012 declared distribution of $4.98 per unit. | | | 14:02 EDT | | KMP | Kinder Morgan Energy announces land purchase in Texas
Subscribe for More Information | | | May 9, 2013 | | 10:08 EDT |  | TLP | On The Fly: Analyst Downgrade Summary
Subscribe for More Information | | | 06:21 EDT | | TLP | Transmontaigne Partners downgraded to Neutral from Buy at BofA/Merrill
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