Third Coast Midstream LLC has announced that a subsidiary has completed the sale of its Cushing, Oklahoma crude oil storage business (AMID Crude Oil Storage) to HCS Holdings LLC, an affiliate of Hartree Partners LP.
Matt Rowland, president and CEO of Third Coast Midstream, said: “Third Coast Midstream is pleased to announce the sale of AMID Crude Oil Storage to Hartree. We are confident that Hartree is well-positioned to further optimise these storage assets as Third Coast Midstream continues to execute on its plans to divest non-core assets and focus on its core Gulf of Mexico midstream business.”
AMID Crude Oil Storage consists of five crude oil storage tanks with approximately 3 million bbl of storage capacity.
Steve Semlitz, co-founder of Hartree Partners, added: “We are delighted to have acquired from Third Coast Midstream the Cushing crude oil storage business. The transaction represents a natural extension of Hartree expertise in investing in essential midstream infrastructure assets that are complementary to our core trading competencies. Hartree looks forward to working with the terminal’s existing and future third-party customers, ensuring best-in-class service.”
For more information visit www.3cmidstream.com