Inter Pipeline closes majority sale of its European storage business
Published by Pippa Luck,
Inter Pipeline Ltd has announced the successful closing for the majority of its European bulk liquid storage business to the CLH Group for a cash consideration of £420 million, subject to customary closing adjustments.
The divestiture includes 18 million bbl of storage capacity across 15 storage terminals located in the UK, Ireland, the Netherlands and Germany. Proceeds will be used to reduce debt, strengthen Inter Pipeline’s balance sheet and assist with financing its capital expenditure programme, including the Heartland petrochemical complex.
Inter Pipeline will continue to own and operate eight remaining terminals in Sweden and Denmark, which have approximately 19 million bbl of aggregate storage capacity.
Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/16112020/inter-pipeline-closes-majority-sale-of-its-european-storage-business/
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