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Kinder Morgan Energy Partners to Make Significant Investment in Chemical Industry

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By Business Wirevia The Motley Fool

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Kinder Morgan Energy Partners to Make Significant Investment in Chemical Industry

HOUSTON–(BUSINESS WIRE)– Kinder Morgan Energy Partners, L.P. (NYS: KMP) today announced that KMP will invest approximately $58 million to expand its chemical storage capacity. KMP has entered into a long-term contract with Methanex Corporation (NAS: MEOH) to support the construction of methanol storage capacity near Kinder Morgan‘s Geismar Liquids Terminal (GLT) in Geismar, La. Kinder Morgan will build, own and operate the storage tanks and related infrastructure, including improvements to its existing dock at GLT. The assets will provide critical marine, rail and truck access in support of a 1 million tonne per year methanol production plant being relocated by Methanex from Chile, South America. The terminal infrastructure is expected to be in service during the second half of 2014, coinciding with the anticipated startup of the relocated plant.

KMP has also acquired Quality Carriers, Inc.’s 26-acre terminal located in Chester, S.C. The 19-tank facility currently provides storage for a single customer of 35,000 barrels and receives product by rail and distributes by truck.

“The abundance of attractively priced domestic natural gas has led to a resurgence in the chemical and manufacturing industries,” said John Schlosser, president of Kinder Morgan Terminals. “We are very pleased to be able to leverage our existing footprint in Geismar in support of Methanex’s significant capital project, and look forward to continuing to provide logistical and infrastructure solutions for Methanex and others as the renewed industrial development continues along the Gulf Coast and elsewhere. We are also pleased to be entering the public liquid terminal market in the greater Charlotte area and look forward to growing that business with new chemical customers.”

Kinder Morgan Energy Partners, L.P. (NYS: KMP) is a leading pipeline transportation and energy storage company and one of the largest publicly traded pipeline limited partnerships in America. It owns an interest in or operates approximately 44,000 miles of pipelines and 180 terminals. The general partner of KMP is owned by Kinder Morgan, Inc. (NYS: KMI) . Kinder Morgan is the largest midstream and the third largest energy company in North America with a combined enterprise value of approximately $100 billion. It owns an interest in or operates approximately 73,000 miles of pipelines and 180 terminals. Its pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and its terminals store petroleum products and chemicals and handle such products as ethanol, coal, petroleum coke and steel. KMI …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Glatfelter Increases Dividend by 11%

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By Business Wirevia The Motley Fool

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Glatfelter Increases Dividend by 11%

YORK, Pa.–(BUSINESS WIRE)– Glatfelter (NYS: GLT) today announced that its board of directors increased its quarterly dividend to $0.10 per share on its outstanding common stock. The dividend is payable on May 1, 2013 to shareholders of record as of the close of business on April 4, 2013.

“This dividend increase reflects the strength of our balance sheet, our expectation for continued healthy free cash flow generation and our on-going focus to return value to our shareholders,” said Dante C. Parrini, chairman and chief executive officer. “Glatfelter is committed to a sustainable and competitive dividend, which is reviewed periodically and will be increased as earnings and cash flows permit.”

Headquartered in York, PA, Glatfelter is a global manufacturer of specialty papers and fiber-based engineered materials, offering over a century of experience, technical expertise and world-class service. U.S. operations include facilities in Spring Grove, PA and Chillicothe and Fremont, OH. International operations include facilities in Canada, Germany, France, the United Kingdom and the Philippines, a representative office in China and a sales and distribution office in Russia. Glatfelter’s sales approximate $1.6 billion annually and its common stock is traded on the New York Stock Exchange under the ticker symbol GLT. Additional information may be found at www.glatfelter.com.

Glatfelter
Investors:
John P. Jacunski, 717-225-2794
john.jacunski@glatfelter.com
or
Media:
William T. Yanavitch, 717-225-2747
william.yanavitch@glatfelter.com

KEYWORDS:   United States  North America  Pennsylvania

INDUSTRY KEYWORDS:

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Source: FULL ARTICLE at DailyFinance