AmeriGas completes storage terminal sale
Jan 1, 2009 12:00 PM
AmeriGas Propane Inc, general partner of AmeriGas Partners LP, announced that the partnership has completed its previously announced sale of its liquefied petroleum gas (LPG) storage terminal in San Pedro CA. The 600,000-barrel refrigerated aboveground storage facility provides LPG storage for Southern California. As part of the transaction, AmeriGas executed a long-term throughput agreement to supply propane for its retail operations.
AmeriGas received proceeds of approximately $43.0 million and, as previously disclosed, expects to record a gain on the sale of about $40.0 million. The partnership will consider a one-time distribution of a portion of the sale proceeds after the conclusion of the heating season in April.
AmeriGas is the nation's largest retail propane marketer, serving nearly 1.3 million customers from approximately 600 locations in 46 states. UGI Corporation) through subsidiaries, owns 44% of the partnership, and the public owns the remaining 56%.
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