Skip to main content

Magellan Midstream to sell independent terminals

Published by , Senior Editor
Hydrocarbon Engineering,


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/

You might also like

The Hydrocarbon Engineering Podcast - Education and training for every phase of the insulating system design process

In this episode of the Hydrocarbon Engineering Podcast, Brandon Stambaugh, Owens Corning Director for Technical Services, joins us to discuss engineers’ demand for education and training to support the critical phases that affect the performance and longevity of insulating systems.

Tune in to the Hydrocarbon Engineering Podcast on your favourite podcast app today.

Apple Podcasts  Spotify Podcasts  YouTube

 
 

Embed article link: (copy the HTML code below):


 

This article has been tagged under the following:

Downstream news