13.01.16. International-Matex Tank Terminals (IMTT) business and operations on the Bayonne, New Jersey, peninsula are expected to benefit from new investments by parent company Macquarie Infrastructure Corporation (MIC). MIC has completed the acquisition of land beneath its Bayonne Energy Center (BEC) gas-fired power generation facility in Bayonne from Hess Corporation. The purchase includes a buyout of the remainder of the 55 year lease assumed by MIC as a part of the acquisition of the BEC in April 2015. The land acquisition provides MIC with additional security associated with having a perpetual interest in the property beneath the plant as well as the financial benefit of avoided lease payments. BEC is situated on 7.9 acres along 290ft of frontage on the Kill Van Kull in Bayonne. The additional water frontage is expected to benefit IMTT to the extent that it enables the terminal to expand its docks at the facility. IMTT Bayonne is an oil products storage facility in New York Harbor, with 620 tanks, and 16 million barrels total capacity. IMTT, which is 100 percent owned by MIC, owns and operates 10 terminals in the US and is part owner and operator of two terminals in Canada. Also related to BEC, MIC has signed an agreement to build an interconnection with the Spectra Energy-owned Texas Eastern Transmission, LP (TETLP) natural gas pipeline. The existing TETLP pipeline runs beneath the western portion of the property owned by IMTT in Bayonne. The interconnection will allow for the construction of an approximately 7,000ft long pipeline across IMTT land that is expected to provide BEC with additional access to natural gas and facilitates the development of gas-using businesses. MIC previously noted its intent to expand the power generating capacity of BEC from its current 512 MW to at least 642 MW with the installation of additional generating sets (turbine plus generator). The expansion has been slated for vacant land already owned by IMTT next to the existing BEC facility.
13th January 2016