February 8, 2013 [OPIS] - Chevron continues to divest logistical assets and has inked a Purchase and Sale Agreement to sell its Jacksonville, Florida terminal to Center Point Terminal Company.
Chevron’s Jacksonville terminal has some nineteen storage tanks for diesel, gasoline, ethanol and transmix, according to the OPIS/Stalsby Petroleum Terminal Encyclopedia. It has the capability for holding approximately 430,000 bbl, including fuel additives.
St. Louis based Center Point already owns a nearby facility in Jacksonville, as well as thirteen other asphalt, residual fuel, and products terminals spread through PADDs 1, 2, and 3. This latest deal should push the company’s total U.S. storage to about 11.7-million bbl.
The company is a subsidiary of World Point Terminals, which is principally owned by the Novelly family of Apex fame.
Chevron expects to finish the transaction in the second quarter of 2013, and will continue to operate the terminal until that closing. There was no disclosure of the price paid for the facility.
Jacksonville has presented a challenge for major and independent suppliers in recent months, thanks to a slower flow of foreign imported products as well as soaring freight costs for moving U.S. flagged ships from the Gulf Coast to the port. Suppliers have recently moved off of Gulf Coast pricing benchmarks, opting for either New York based pricing, or OPIS rack numbers as references for deals.
