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Martin Midstream Partners sells natural gas storage interests

Published by , Editorial Assistant
Hydrocarbon Engineering,

Martin Midstream Partners has announced that it has entered into a definitive agreement with Hartree Cardinal Gas, a subsidiary of Hartree Bulk Storage, to sell its membership interests in Arcadia Gas Storage, Cadeville Gas Storage, Monroe Gas Storage, and Perryville Gas Storage for US$215 million in cash.

Ruben Martin, President and CEO of Martin Midstream GP, the general partner of the partnership said, “Our agreement to sell the natural gas storage assets is an important piece of the Partnership’s strategy to strengthen the balance sheet and refocus our operational expertise on the refinery services industry.”

The sale comprises approximately 50 billion ft3 of working natural gas capacity located in northern Louisiana and Mississippi. The transaction is expected to close on or around the end of 2Q19, subject to customary closing conditions.

“We are excited about the opportunity for Hartree Bulk Storage to acquire the natural gas storage assets and operate them as independent facilities,” said Steve Semlitz, Co-founder of Hartree Partners, “the natural gas storage assets are high-performing facilities strategically located in the Gulf Coast. Hartree Bulk Storage plans on further optimising these facilities and their capabilities in the near-term, to better serve customers in the ever-growing Gulf Coast region.”

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Downstream news North America downstream news