Martin Midstream has signed a definitive agreement to sell its membership interests in Arcadia Gas Storage, Cadeville Gas Storage, Monroe Gas Storage, and Perryville Gas Storage in the US to Hartree Cardinal Gas for $215m.
All these natural gas storage assets comprise nearly 50 billion cubic feet (bcf) of working capacity with locations in northern Louisiana and Mississippi.
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Martin Midstream president and CEO Ruben Martin said: “Our agreement to sell the Natural Gas Storage Assets is an important piece of the partnership’s strategy to strengthen the balance sheet and re-focus our operational expertise on the refinery services industry.”
Hartree Partners co-founder Steve Semlitz said: “We are excited about the opportunity for Hartree Bulk Storage to acquire the Natural Gas Storage Assets and operate them as independent facilities.
“The Natural Gas Storage Assets are high-performing facilities strategically located in the Gulf Coast. Hartree Bulk Storage plans on further optimising these facilities and their capabilities in the near-term, to better serve customers in the ever-growing Gulf Coast region.”
Subject to customary closing conditions, the transaction is expected to close in the second quarter this year.
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By GlobalDataBased in the US, Martin Midstream Partners’ primary activities include natural gas services, including liquids transportation and distribution services. It is also a provider of storage and packaging services for petroleum products and by-products.
Hartree Bulk Storage is an independent storage, terminalling and related infrastructure platform company. The firm is funded by Hartree Partners while the financing is managed by Oaktree Capital Management.
