July 24, 2013 [OPIS] - Motiva Enterprises has agreed to sell to Sprague its oil products storage and rack terminals at Bridgeport, Conn., marketers in New England told OPIS on Tuesday.
Both companies have agreed on terms, conditions and price for the Connecticut terminal transaction, but the deal is not closed yet, they said. The deal is expected to be made official very soon.
OPIS reported on June 12 that both companies were negotiating on that terminal sale, which was in line with Motiva’s plan to sell some non-strategic terminal assets on the East Coast, including the one in Bridgeport.
It is unclear so far whether Sprague would maintain the open access at the Bridgeport terminal to third parties. Sprague has a mixture of open access and proprietary use for its terminals in the Northeast.
This is the third terminal sold by Motiva on the East Coast.
OPIS reported in 2011 that Motiva had offered three terminals on the East Coast, including a Brooklyn terminal and one in Springfield, Va. The Springfield terminal was sold to Kinder Morgan late 2011, and the Brooklyn terminal was sold to Arc Terminals LP in March 2013.
The Bridgeport terminal has a total capacity of about 1.5 million bbl for storing gasoline, diesel, naphtha, petroleum coke and asphalt. Four 12-inch pipelines extend from the wharf to 13 steel storage tanks located at the 1.28-million-bbl capacity terminal on Eagles Nest Road, east of Johnsons Creek.
At the 192,000-bbl-capacity Harborview Terminals Inc. in Bridgeport, one 12-inch pipeline extends from the wharf to two asphalt storage tanks at the foot of Seaview Avenue.
A Shell spokeswoman declined to comment on the Bridgeport terminal sale when contacted by OPIS in June. Motiva is a joint venture between Shell and Saudi Refining.
