Magellan Midstream has sold its network of independent terminals, located mainly in the southeastern US, to Buckeye Partners for US$435 million (€357.7 million).
The 26 terminals have a combined capacity of 6 million bbl. The deal is subject to regulatory approvals.
‘The sale of our independent terminals demonstrates Magellan’s continued focus on utilising all available options, including optimisation of our asset portfolio, to maximise unitholder value. We would like to express Magellan’s gratitude to all employees dedicated to these facilities for their contributions and efforts through the years,’ says Magellan CEO Michael Mears.