November 8, 2013 [OPIS] - Rimrock Midstream LLC said on Thursday that it has completed its acquisition of the El Dorado crude oil storage terminal from a subsidiary of Enbridge Energy Partners LP.
Concurrent with the closing of the acquisition, Rimrock established a strategic financing relationship with Energy Capital Partners with the ability to expand the funding up to an aggregate $160 million to support Rimrock’s growth initiatives.
Rimrock will work closely with Energy Capital Partners to fund Rimrock’s strategy of building and acquiring crude oil-related midstream energy assets.
“The El Dorado Storage Facility will be a strong anchor asset for our midstream platform, while offering attractive organic expansion opportunities,” said John Peterson, Rimrock’s chief executive officer.
The El Dorado Storage Terminal, located two miles west of El Dorado, Kan., has been a service provider to the nearby HollyFrontier’s El Dorado refinery since the early 1950s.
Rimrock’s facility is the termination point for the Osage Pipeline and has a combined nominal storage capacity of 1.15 million bbl.
In addition to receiving crude oil, the El Dorado Storage Terminal is a storage and blending location for Kansas crude oil producers, which have experienced significant production growth in recent years.
Rimrock Midstream LLC is a company formed to acquire, develop and operate a portfolio of midstream energy infrastructure assets. Rimrock has been engaged in the business of acquiring, transporting and storing crude oil in Oklahoma, Kansas, Texas, North Dakota, Wyoming, Colorado and New Mexico since 2009.
