ArcLight Capital Partners has entered into a joint venture with BP West Coast Products, which will involve the acquisition of two storage terminals.
The joint venture agreements cover refined product logistics infrastructure assets in the US Pacific Northwest.
The two large-scale refined product terminals are in Seattle, Washington and Portland, Oregon. The transaction is expected to close in late 2017.
TLP Management Services will operate the terminals under a multi-year operating agreement. Separately, ArcLight intends to grant TransMontaigne Partners a right of first offer to purchase Arclight’s interest in the joint venture.