November 16, 2020 [Newswire] – Inter Pipeline Ltd. (“Inter Pipeline”) announced today the successful closing for the majority of its European bulk liquid storage business to the CLH Group for cash consideration of £420 million, subject to customary closing adjustments.
The divestiture includes 18 million barrels of storage capacity across 15 storage terminals located in the United Kingdom, Ireland, Netherlands and Germany. Proceeds will be used to reduce debt, strengthen Inter Pipeline’s balance sheet and assist with financing its capital expenditure program, including the Heartland Petrochemical Complex.
Inter Pipeline will continue to own and operate eight remaining terminals in Sweden and Denmark, which have approximately 19 million barrels of aggregate storage capacity.
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