Plains plans to acquire Suburban Propane facility
Sep 25, 2007 2:20 PM
Plains LPG Services LP, Houston TX, has signed a definitive agreement to acquire the Tirzah liquefied petroleum gas (LPG) storage facility in South Carolina from Suburban Propane LP and Suburban Pipeline LLC for approximately $55 million, according to Plains information.
Primary assets at the facility include a truck rack, approximately 57.5 million gallons of granite-cavern working storage capacity, 360,000 gallons of above-ground storage capacity, and a 62-mile LPG pipeline.
The transaction is expected to close within 30 days, subject to satisfaction of certain closing conditions. The Tirzah facility will increase Plainsí LPG storage capacity by over 25 percent. The facility is located in York County, South Carolina, approximately 30 miles southwest of Charlotte, North Carolina.
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