US firm Magellan Midstream Partners has sold just under half of its membership interest in its Pasadena marine terminal joint venture, MVP Terminalling, to an undisclosed buyer for US$270 million (€224 million)
MVP Terminalling’s refined petroleum products marine storage terminal on the Houston Ship Channel in Pasadena, Texas, US, has a capacity of 5 million bbl, as well as two ship docks and truck loading facilities. There is space to almost double this capacity. Magellan remains the operator of the terminal, and now has a 25% share in the JV.
‘Important energy infrastructure assets – such as those owned by our Pasadena marine terminal joint venture – are critical to both the US and global economy and continue to be highly valued. As Magellan has demonstrated in the past, we regularly review both potential investments and our own asset portfolio for opportunities to unlock incremental value for our investors. With this transaction, we are optimising our portfolio while retaining a meaningful position in a strategic and state-of-the-art new facility that is well-positioned to continue to meet the growing demand for refined products export logistics,’ says Magellan CEO Michael Mears.