Shell Midstream Will Buy Additional Assets from Shell
03.09.2020 By Greta Talmaci - NEWS

March 09, 2020 [Tank News International] – Shell Midstream Partners has announced it has signed a deal with Shell (its general partner) to eliminate all incentive distribution rights and economic general partner interest in the company. 

In the same announcement, Shell Midstream also said it agrees to buy Royal Dutch Shell’s 79 per cent interest in the 300K bbl/day Mattox pipeline and certain logistics assets at the Shell Norco manufacturing complex.

It said that in exchange for the assets and the elimination of IDRs, the sponsor will receive 160M of newly-issued SHLX common units, as well as $1.2B of Series A perpetual convertible preferred units at $23.63/unit.

Kevin Nichols, Shell Midstream CEO, said: “the transaction simplifies the company’s structure and lowers its cost of capital.”

————-

Click Here to Access Today a 4,900 Tank Terminal Database With a Pro Trial
Click on the button and register to get instant access to actionable tank storage industry data

The Petromidia Refinery is Looking for a Partner for the Construction of a Green Hydrogen Plant
05.24.2024 - NEWS
May 24, 2024 [Energy World]- Rompetrol Rafinare Constanța, the company part of the KMG Internati... Read More
Saudi Aramco Interested in Buying Minority Stake in Repsol's Renewable Unit, Expansion Reports
05.24.2024 - NEWS
May 24, 2024 [Reuters]- State-controlled oil company Saudi Aramco is interested in buying a minor... Read More
Verbio Starts Expansion Work on Second Biorefinery in North America
05.24.2024 - NEWS
May 24, 2024 [Biofuels International]- Verbio has started work on converting its South Bend etha... Read More
TNPA, Mnambithi Terminals to Develop Durban Liquid Bulk Facility
05.24.2024 - NEWS
May 24, 2024 [World Cargo News]- Transnet National Ports Authority (TNPA) has signed a Terminal O... Read More