Blackline Partners and TPG Sixth Street Partners have created a new JV aimed at acquiring and developing oil and gas midstream infrastructure assets.
The new company, Blackline Midstream, has acquired SEA-3, owner of New England's propane storage and distribution terminal in New Hampshire from Trammo.
The facility consists of 530,000 barrels of propane storage, a five-lane 24/7 truck loading rack, an ocean-access marine vessel receiving and loading dock and a six spot rail receiving rack. Additionally, SEA-3 has a fully approved upgrade project which will significantly increase the rail unloading capacity of the terminal, giving it access to both domestic and international markets.
Mike Day, CEO of Blackline Partners, says: 'Blackline's deeply experienced operations management team, combined with TSSP's financial strength and expertise position us to integrate SEA-3 into a strong, well-equipped midstream growth platform.
'We will immediately commence the rail expansion project at Newington in order to position SEA-3 as the most flexible and reliable propane supply terminal in the northeast US.'
David Herr, VP of marketing at Blackline, who will be managing product commercial operations for Blackline Midstream, adds: 'With the rail expansion project, we will be able to remain competitive under any market supply scenario.
'All existing commercial agreements will be carried forward, and customers of the terminal will experience a seamless transition following the acquisition.'
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