Houston-based Targa Resources Corp. has executed agreements to sell assets in its petroleum logistics business. The company plans to execute agreements for the sale of its refined products and crude oil storage and terminaling facilities in Tacoma, WA and Baltimore, MD to an affiliate of ArcLight Capital Partners, LLC for approximately $160m.
Subject to customary closing conditions, the sale is expected to close in the fourth quarter. Targa intends to use the proceeds to fund a portion of its growth capital program underway.
For more information visit: www.targaresources.com
17th September 2018