Magellan Midstream Partners L.P. has announced an agreement to sell its independent terminals network comprised of 26 refined petroleum products terminals with approximately 6 million bbl of storage located primarily in the southeastern US to Buckeye Partners L.P. for US$435 million.
"The sale of our independent terminals demonstrates Magellan's continued focus on utilising all available options, including optimisation of our asset portfolio, to maximise unitholder value," said Michael Mears, Chief Executive Officer. "We would like to express Magellan's gratitude to all employees dedicated to these facilities for their contributions and efforts through the years."
The sale is expected to close upon the receipt of required regulatory approvals.
Magellan intends to use the proceeds from this transaction consistent with its stated capital allocation priorities.
Read the article online at: https://www.hydrocarbonengineering.com/refining/11062021/magellan-midstream-to-sell-independent-terminals/