Pin Oak Holdings LLC has announced the sale of Pin Oak Terminals to MPLX LP for approximately US$450 million in cash.
As part of the transaction, Pin Oak will retain an economic interest in the facility. Pin Oak is a partnership between Dauphine Midstream LLC and Mercuria Energy Group Ltd.
Pin Oak Mt. Airy Terminal, Louisiana, US, was the first asset developed, financed, constructed, and operated by Pin Oak. The greenfield site was acquired in 2012 with the objective of developing a full-service transportation hub on the Mississippi River. Pin Oak Mt. Airy has 4 million bbls of fully leased storage capacity and an operational deepwater ship dock. The facility has the capability to expand its storage capacity to 10 million bbls and is permitted for construction of a second deep-water ship dock.
Pin Oak recently commenced construction on its liquid bulk export terminal in Corpus Christi, Texas, US called Pin Oak Corpus Christi. Since acquiring Pin Oak Corpus Christi in 2017, Pin Oak has successfully executed an interconnection agreement with a crude oil pipeline and secured a multi-million-barrel long-term crude oil storage contract, with the capacity to construct additional third party storage. Pin Oak Corpus Christi is expected to commence full operations during 4Q19.