August 30, 2024 [Market Watch]- Shell said it agreed to sell the Sinco pipeline system and Colex terminal in Texas to Edgewater Midstream.

The sale of both assets by Shell units Shell Pipeline Co. and Triton West is expected to be completed in the fourth quarter, the oil giant said Thursday. Terms of the sale weren’t disclosed.

“This sale follows our guidance at Shell’s Capital Markets Day to continue to simplify our portfolio as we seek to deliver more value, with less emissions,” Executive Vice President of Trading & Supply Andrew Smith said.

The assets no longer fit within the company’s strategy, and their sale will allow the company to focus on other projects, he added.

The Sinco pipeline system and the Colex terminal are located in the Houston Ship Channel area and have historically been operated as integrated assets with the Deer Park Refinery, which Shell sold its equity share in to Petróleos Mexicanos in 2022.

Houston-based Edgewater focuses on the acquisition, development and operation of pipelines and terminals, primarily in coastal markets near major petroleum-trading hubs.

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