TransMontaigne buys El Paso terminals

Mar 3, 2003 12:00 PM

TransMontaigne Inc, Denver CO, has purchased Florida petroleum terminals and tug and barge operations from El Paso Corporation acquired by El Paso in its 2001 merger with The Coastal Corporation, according to TransMontaigne information. The transaction is valued at approximately $155 million, including approximately $35 million of product inventory.

The Florida petroleum terminals provide bunker fuel, residual fuel, diesel, and gasoline at Jacksonville, Cape Canaveral, Port Manatee/Tampa, Port Everglades and Fisher Island, Florida, with aggregate storage capacity of approximately 5 million barrels. In addition, the facilities provide a variety of third-party lease capacity to the asphalt, jet fuel, power generation, and crude oil industries.

TransMontaigne, with the addition of the Coastal terminals, is expanding its existing Florida petroleum operations at its Port Everglades, Tampa, and Pensacola terminals, which currently have an aggregate 1.2 million barrels of storage capacity.