January 13, 2011 [OPIS] - Motiva has decided that it will consider selling three East Coast terminals, after an extensive review and analysis of its asset portfolio, OPIS confirms.
On the possible sales block are light products’terminals in Bridgeport, Connecticut; Springfield, Virginia; and Brooklyn, New York. The details for the timing of the sales have yet to be revealed, and Motiva will continue operating the facilities until decisions are made.
According to OPIS’ Petroleum Terminal Encyclopedia, the Bridgeport, CT terminal is the largest of the three properties with refined products and ethanol storage of about 1.3-million bbl. The Brooklyn N.Y. terminal is a smaller 50,000 bbl gasoline facility, and the Springfield, VA plant is in the northern Virginia market, and serviced by the Colonial Pipeline. It has about 360,000 bbl of light products’ capacity.
Sources suspect that there will be no problems finding interested buyers since logistics’ assets are very much in demand among master limited partnerships pursuing aggressive growth.
