BWC first announced that it had reached an agreement to buy the Texas City terminals from NuStar last month (November).
Now, NuStar Energy has closed the sale of its Texas City terminals to BWC Terminals for $106 million.
Terminal 1 has a total capacity of 2,681,000 bbl, storing clean products, black oils, blendstocks, vacuum gas oil (VGO), and chemicals, as well as rail and truck loading and unloading facilities and three ship/barge docks.
Terminal 2 has a total capacity of 131,000 bbl, storing light petroleum products. It has one barge dock with vehicle access.
Brad Barron, president and CEO of NuStar, said: “While the Texas City terminals are great assets with outstanding operations and employees, the location and unique configuration of these terminals were no longer synergistic with NuStar’s strategies for our other Gulf Coast assets.
“For this reason, we determined that the best path forward for the continued success of these facilities and NuStar was to allow them to be acquired by an entity that can take advantage of the terminals’ niche petrochemical and petroleum capabilities. We are pleased that BWC Terminals has just such a business model.”
Mike Suder, CEO of BWC, added that the company is “excited” to finalise the acquisition.
For more information visit www.nustarenergy.com