News Release
NuStar Energy L.P. Announces Agreement to Sell St. Eustatius Terminal for $250 Million
“Today, we are pleased to announce that we have signed a definitive
stock purchase agreement to sell our storage terminal facility located
at St. Eustatius in the
“It has become increasingly clear in recent months that the facility requires a new business model to ensure its long-term success and that NuStar’s best path forward is to sell the terminal to a buyer that is well-positioned to take advantage of the changing global crude oil trade flow patterns,” said Barron.
“We are pleased that this sale allows us to re-deploy the sales proceeds
to improve our financial metrics and fund our growth projects for our
core business in
“We are excited to be acquiring a high-quality terminal facility with
many key strategic advantages, including a location at the crossroads of
global and regional oil trade, long-term customer relationships with
major global oil traders, a strong local operations team, and a highly
flexible infrastructure that allows for capacity expansion as growth
opportunities arise,” said
“We expect to close this transaction by the end of the second quarter, and we look forward to focusing all of our resources on strengthening our financial metrics to generate stable, consistent growth for our unitholders,” said Barron.
About
About
Cautionary Statement Regarding Forward-Looking Statements
This press release includes, and the related conference call will
include, forward-looking statements regarding future events, such as the
partnership’s future performance. All forward-looking statements are
based on the partnership’s beliefs as well as assumptions made by and
information currently available to the partnership. These statements
reflect the partnership’s current views with respect to future events
and are subject to various risks, uncertainties and assumptions. These
risks, uncertainties and assumptions are discussed in
View source version on businesswire.com: https://www.businesswire.com/news/home/20190510005092/en/
Source:
NuStar Energy, L.P., San Antonio
Investors, Tim Delagarza, Manager,
Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media,
Mary Rose Brown, Executive Vice President and Chief Administrative
Officer,
Corporate Communications: 210-918-2314
website: http://www.nustarenergy.com