Targa Resources to sell US storage facilities

Targa Resources has executed agreements to sell its refined products and crude oil storage and terminalling facilities to an affiliate of ArcLight Capital Partners for $160 million.
The sale of the facilities in Washington and Maryland is expected to close in the fourth quarter and Targa has said it intends to use the proceeds to fund a portion of its growth capital programme.
Evercore Group is serving as Targa’s exclusive financial advisor on the transaction.