Oiltanking sells Pasadena TX products terminal assets to Equilon
Feb 15, 2002 12:00 PM
Oiltanking, Hamburg, Germany, has announced the sale of its Pasadena TX products terminal assets to Equilon Enterprises LLC. This transaction will result in Equilon owning Oiltanking’s Pasadena products tanks and pipelines that since 1999 had been included in a 50/50 partnership with Equilon, according to Oiltanking information.
The joint terminal has 2.4 million barrels of storage capacity. The terminal is connected to every Texas Gulf Coast refinery and every major outbound products pipeline, including Colonial and Explorer (Colex). Mutual long-term commercial contracts for cooperation in pipeline services, including Colex access from Oiltanking’s Houston terminal, and marine services are connected with the transaction.
The sale is consistent with Oiltanking Houston strategy of focusing on the core strength of its remaining facilities at the Houston Ship Channel: marine movements of bulk liquids such as refinery feedstocks, petrochemical feedstocks, gasses, bulk marine chemicals and mineral oil products, storage and transshipment in all transport modalities. Oiltanking, in addition to its 5.8 million barrels multipurpose terminal in Houston, is also active in Beaumont TX. That terminal serves the local refining complexes on feedstocks and finished products. The terminal also feeds pipelines which serve the US Midwest area.