Kinder Morgan Sale of Terasen Utility Assets to Fortis Completed
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HOUSTON, May 17 /-- Kinder Morgan, Inc. (NYSE:KMI) today announced its sale of Terasen Inc. to Fortis Inc. (TSX: FTS) has closed. Terasen Inc.'s principal assets include Terasen Gas Inc. and Terasen Gas (Vancouver Island) Inc., comprising a large regulated distribution business that delivers natural gas and piped propane to approximately 900,000 customers in British Columbia. The sale did not include assets of Kinder Morgan Canada (formerly Terasen Pipelines), which is comprised primarily of refined products and crude oil pipelines that transport production from the Alberta oilsands.
"With the sale of Terasen Gas, KMI has exited the retail utility business," said KMI Chairman and CEO Richard D. Kinder. "I would like to thank President Randy Jespersen and the Terasen employees for their important contributions to KMI, and I'm pleased that Fortis is retaining Terasen's management and its employees."
Kinder Morgan, Inc. is one of the largest energy transportation, storage and distribution companies in North America. It owns an interest in or operates approximately 41,000 miles of pipelines that transport primarily natural gas, crude oil, petroleum products and CO2, and more than 155 terminals which store, transfer and handle products like gasoline and coal. KMI owns the general partner interest of Kinder Morgan Energy Partners, L.P. (NYSE:KMP), one of the largest publicly traded pipeline limited partnerships in the United States. Combined, the companies have an enterprise value of more than $35 billion.
FCMN Contact: maureen_bulkley@kindermorgan.com
Source: Kinder Morgan, Inc.
CONTACT: Larry Pierce, Media Relations, +1-713-369-9407, or Mindy Mills, Investor Relations, +1-713-369-9490, both of Kinder Morgan, Inc.
Web site: http://www.kindermorgan.com/
