Valero Energy Partners has acquired the Meraux and Three Rivers Terminal Services Business from a subsidiary of Valero Energy Corporation for $325 million (€288 million).
The acquisition comprises terminals that support Valero’s Meraux and Three Rivers refineries. The Meraux infrastructure consist of 24 tanks with 3.9 million barrels of storage capacity for crude oil, intermediates and refined petroleum products. The Three Rivers assets consist of 62 tanks with 2.25 million barrels of storage capacity for crude oil, intermediates and refined petroleum products.
The transaction is expected to close on September 1 and the business is expected to contribute 39$ million of EBITDA. Once closed, Valero Energy Partners plans to enter into 10-year terminalling agreements with a subsidiary of Valero. They are expected to include minimum volume commitments covering approximately 85% of planned throughput.
Joe Gorder, CEO of VLP’s general partner says: ‘We’re expanding our US Gulf Coast footprint and achieving our acquisition target for the year.’