Martin Midstream Sells California Sulfur Terminal to Gulf Terminals
(P&GJ) — Martin Midstream Partners LP has announced the sale of its Stockton Sulfur Terminal to Gulf Terminals LLC. The net proceeds of approximately $5.25 million will be used to reduce outstanding borrowings under the partnership’s revolving credit facility.
“Over the last several years, the partnership has sought opportunities to strengthen our balance sheet and reduce outstanding debt to lower our leverage,” Bob Bondurant, president and CEO of Martin Midstream, said. “As a result, we have successfully completed multiple non-core asset sales allowing us to focus on our refinery services business segments. And while the sulfur business remains a strategic piece of our operations, the Stockton Terminal was considered a non-core asset as it is geographically removed from our focus on the U.S. Gulf Coast area where our primary sulfur assets are located.”
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