NuStar Energy Agrees to Sell Its European Operations to Inter Pipeline
NuStar Energy agreed to sell its European terminals and related assets to Inter Pipeline’s European storage subsidiary, Inter Terminals, for $270 million.
The operations include six liquids storage terminals in the United Kingdom and one facility in Amsterdam. The acquisition is expected to close in the fourth quarter of 2018, subject to normal closing adjustments.
“The decision to sell our European operations was difficult given that they are such high-quality assets with such outstanding employees,” said NuStar President and CEO Brad Barron. “However, our European assets are not synergistic with our other operations.”
He added the company has experienced a “fundamental shift” in the master limited partnership (MLP).
A Inter Terminals spokesman said all the terminals are strategically located along key waterways with proximity to large metropolitan areas and increase by about 33% to 37 million barrels.
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