Martin Midstream to Sell Corpus Christi Crude Terminal

Martin Midstream crude terminal (  Martin Midstream Partners  )

Martin Midstream crude terminal (Martin Midstream Partners)

Martin Midstream Partners is selling its crude terminal in Corpus Christi as it aims to increase its cash flow.

Several interested buyers, one being NorthStar Midstream, have offered between $80 million and $100 million for the facility located on 10 acres of land in the Port of Corpus Christi.

Martin’s terminal has 900,000 barrels of storage capacity, loading and unloading capabilities for barges, vessels, trucks, and pipeline access.

Midstream companies make money on their facilities by charging fees for use but have seen sharp declines in throughput in the last few years because of oil price decline.

The Corpus Christi terminal will see new competition soon as Enterprise Products Partners works on completing its terminal with Plains All American in Corpus Christi, which is expected to be done and in service by 2018.

Source:
Reuters