Martin Midstream to Sell Corpus Christi Terminal Assets
Martin Midstream Partners will sell some of its Corpus Christi, TX terminal assets to NuStar Logistics for $107 million, plus the reimbursement of certain capital expenditures and prepaid items.
Among the assets, Martin is selling a 900,000 bbl crude oil storage terminal, a refined product barge terminal, certain pipelines and related easements, as well as dockage and trans-loading assets. The transaction is expects to close before the end of 2016.
“Given our focus on reduction of leverage, we feel this asset sale and distribution right-sizing are prudent moves for the partnership at this time,” said Ruben Martin, president and CEO of Martin. “Together, these two actions should provide a sound catalyst to reducing our currently elevated cost of capital by de-levering and improving increased distribution coverage to our unit-holders.”
Related News
- Plains-ExxonMobil JV to Build Permian Pipeline
- Report: US, Canada Need $800 Billion in Midstream Infrastructure Investment Through 2035
- Pipeline Protesters Sentenced to Prison, Probation
- Minnesota Approves Enbridge Energy Line 3 Pipeline Project
- Trans Mountain Pipeline, Expansion Project to Be Sold for C$4.5 Billion
Comments