TransMontaigne Partners LP (TLP) announced that its wholly-owned subsidiary, TransMontaigne Operating Company LP, has entered into a long-term terminaling services agreement with Metroplex Energy, a wholly-owned subsidiary of RaceTrac Petroleum Inc. the agreement covers the receipt, storage, and delivery of gasoline, ethanol and diesel fuel using tanks with an aggregate capacity of approximately 2.17 million barrels at its Cape Canaveral, Port Manatee, Port Everglades South, and Tampa terminals in Florida.
TLP and Metroplex had previously entered into an agreement relating to the tanks Metroplex will use at TLP’s Tampa terminal. By fall of 2015, TLP expects to complete improvements at its Port Manatee terminal that are required for that terminal to store and deliver gasoline products there.
“We are pleased to expand our existing relationship with Metroplex to our Cape Canaveral, Port Manatee and Port Everglades South terminals”, says Chuck Dunlap, chief executive officer of TLP.
The tanks related to this new agreement were previously used by NGL Energy Partners LP under the Florida-Midwest Terminaling Services Agreement between TLP and NGL. Simultaneous with the entry into the Metroplex agreement, TLP and NGL amended the Florida-Midwest Terminaling Services Agreement between them to terminate the obligations of NGL relating to the tanks that Metroplex will now use. TLP’s management expects that the new agreement will generate approximately the same annual revenue as the NGL agreement generated with respect to those tanks.