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Jan 19, 2006 3:18 PM

TransMontaigne Inc (TMG) has announced the signing of a terminal exchange agreement with BP Plc (BP).

The companies have agreed to end a decades-long joint terminal supply and operating arrangement involving a total of 17 terminals located in the Southeast United States.

TMG and BP intend to separate both the supply and terminaling operations functions. BP will own and operate six terminals, and TMG will own and operate nine terminals, while the remaining two terminals will be supplied separately, but continue to be operated by TMG for the benefit of both companies.

The transaction is expected to be completed by February 1, 2006.

TransMontaigne terminals include those in Athens, Albany, Americus, Macon, Griffin, Rome, and Lookout Mountain GA, as well as in Greensboro NC and Meridian MS.

BP terminals include those in Chattahoochee GA; Charlotte NC; Spartanburg and Belton SC; and Birmingham and Montgomery AL.

Shared terminals include those in Collins MS and Bainbridge GA.