The acquisition of NuStar Energy is set to increase Inter Terminals’ storage business by 33 percent. At the end of October, Inter Pipeline’s European storage subsidiary, Inter Terminals, entered into an agreement to acquire 100 percent of NuStar Energy’s European bulk liquid storage business (NuStar Europe) for $270m. The transaction is expected to close in the fourth quarter of 2018 and is subject to customary closing conditions.
“The addition of NuStar Europe is an exciting step forward for our European bulk liquid storage business,” commented Christian Bayle, Inter Pipeline’s President and Chief Executive Officer. “The acquisition materially increases our overall storage capacity and establishes Inter Terminals as the largest independent storage operator in the United Kingdom. Furthermore, the transaction provides an attractive entry into the Port of Amsterdam. The Port is the world’s largest gasoline blending hub and has experienced significant storage growth over the years.”
NuStar Europe consists of seven coastal terminals totalling 9.1 million barrels of storage. One terminal is located in Amsterdam, Netherlands with the remaining facilities located in the UK near London, Runcorn, Eastham, Grangemouth, Clydebank and Belfast.
The acquisition is to increase Inter Terminals’ storage capacity by approximately 33 percent to 37 million barrels and there will be strong integration potential with Inter Terminal’s existing terminals in the UK, resulting in enhanced product storage and custom blending solutions for customers.
For more information visit: www.interterminals.com
16th November 2018