September 3, 2014 [MarketWatch] - Trafigura AG Tuesday announced the sale of an 80% stake in its oil terminal and storage facility in Corpus Christi to midstream-focused Buckeye Partners L.P., in a deal valued at $860 million.
Under the terms of the deal, Trafigura will maintain a 20% interest in the terminal as well as the commercial rights to use all the assets connected to it.
Trafigura AG, a subsidiary of Singapore-based commodities trading giant Trafigura Beheer B.V., acquired the 85-acre deep-water dock and storage site, Texas Dock & Rail, in January 2012 just as oil production at the nearby Eagle Ford shale formation was beginning to rapidly increase. Since then, a rising flood of crude has transformed Corpus Christi into a booming hub for shipping oil from the prolific shale formation, attracting substantial investment.
