Oiltanking has announced it will sell all of its interest in Oiltanking Partners to Enterprise Products Partners.
Oiltanking Partners, through its wholly owned subsidiaries Oiltanking Houston and Oiltanking Beaumont, owns and operates tank storage assets located on the Houston Ship Channel and in Beaumont, Texas.
The company says it will maintain a strong presence in the US, however, through its ownership and/or operation of terminals in Texas City and Port Neches, Texas and Joliet, Illinois.
The sales price was partly paid in cash and partly in Enterprise common units. All affected employees of Oiltanking will have the opportunity to continue their employment with Enterprise.
Christian Flach, Oiltanking’s MD, says: ‘The sale of our interests in Oiltanking Partners reflects the potential of the shale oil and gas boom. While we never had the intention to sell these assets, we did accept the Enterprise offer because we were fully convinced that this is an extraordinary opportunity for us.’
Oiltanking owns 72 bulk liquid storage terminals across 23 countries and will remain the world’s second largest independent storage company for oils, chemicals and gases, it said it a statement.