TransMontaigne Partners will purchase the Martinez Terminal and Richmond Terminal from an affiliate of Plains All American Pipeline for $275 million.
The acquisition by a subsidiary of TransMontaigne expands its storage and terminalling footprint in the San Francisco Bay Area refining complex. It is expected to close at the beginning of 2018.
The facilities include two waterborne refined product and crude oil terminals, comprising a total of 64 storage tanks with 5.4 million barrels of storage capacity. They have extensive connectivity to domestic and international refined product and crude oil markets through significant marine, pipeline, truck and rail capabilities.
They are supported by multi-year, fee-based agreements with contract terms of up to five years.
Fred Boutin, CEO of TransMontaigne Partners, says: 'We believe that this transaction strengthens our position as one of the leading refined products terminalling and transportation service providers in the country.
'The West Coast facilities are strategically located within the San Francisco Bay area refining complex, one of the largest refining complexes in North America.
'This acquisition, combined with the organic growth we have executed this year, supports and extends our commitment to deliver stable and growing distributions over the long term.'
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