Magellan Midstream Partners will sell three marine storage terminals to Buckeye Partners for $250 million.
The three terminals are located in New Haven, Connecticut, Wilmington, Delaware and Marrero, Louisiana.
Michael Mears, chief executive officer, says: ‘Magellan remains focused on capital discipline and managing our business for the long term. Optimisation of our asset portfolio, including divestiture of facilities outside our strategic footprint, is an important element to maximise unitholder value and our strong financial position.’
The sale is expected to close by late first quarter or early second quarter 2020.