from SNL Energy Finance Daily
Magellan Midstream sells part of stake in Pasadena terminal JV for $270M
Byline: Dyna Mariel Bade
Magellan Midstream Partners LP has divested almost half of its membership interest in its marine terminal joint venture MVP Terminalling LLC to an unnamed buyer for $270 million.
MVP Terminalling owns a refined petroleum products marine storage facility along the Houston Ship Channel in Pasadena, Texas. It has more than 5 million barrels of storage, two ship docks and truck loading facilities, and the potential to almost double its current capacity, according to an April 22 news release.
The transaction was completed on April 19. Magellan Midstream now holds about 25% of the facility and still serves as its operator.
The deal's proceeds will be used in line with Magellan Midstream's capital allocation priorities, which include possible unit repurchases, the company said.