Arc Logistics Partners has completed its acquisition of a crude oil unloading terminal and a four mile crude oil pipeline in Joliet, Illinois.
Through a joint venture arrangement with GE Energy Financial Services, the membership interests of Joliet Bulk, Barge and Rail LLC were purchased from CenterPoint Properties Trust for $216 million (€196 million).
The acquisition follows confirmation from the Joliet Terminal’s major customer that the terminal has become commercially operable. The terminal is capable of unloading around 85,000 barrels of crude oil per day, has approximately 300,000 barrels of onsite storage and connects to a common carrier crude oil pipeline through the terminal’s four mile pipeline.
Arc Logistics is the manager of the Joliet Terminal and owns a 60% interest in the JBBR joint venture company. An affiliate of GE Energy Financial Services owns the remaining 40%. Arc Logistics financed its approximate $130 million (€118 million) portion of the purchase price with net proceeds from the sale of common units in a private placement and from borrowings under its revolving credit facility.