October 18, 2016 [OPIS] - TransMontaigne Partners said on Monday that it expects a portion of its fee-based, and fully contracted, $75 million Collins, Miss., terminal expansion to be in service before the end of the year, with the balance in service early next year.
This is in line with the original project timetable. TransMontaigne did not offer details on the exact storage capacity coming onstream by year-end.
With a current active storage capacity of approximately 3.4 million bbl, the Collins terminal is the only independent terminal capable of receiving, delivering, and transferring refined petroleum products between the Colonial and Plantation pipeline systems, according to TransMontaigne.
In the Phase 1 expansion, TransMontaigne is constructing 2 million barrels of new capacity (fully contracted) at its Collins, Miss., terminal.
For Phase 2 expansion, TransMontaigne is working on permitting and development of up to another 5 million barrels of capacity at the same location.
Last year, TransMontaigne said that it entered into a new five-year terminaling services agreement with a subsidiary of NGL Energy Partners for about 1.2 million barrels of new capacity to be constructed at Collins storage terminal.
TransMontaigne also entered into a five-year terminaling services agreements with multiple third-parties for about 0.8 million barrels of new capacity to be constructed at Collins storage terminal.
Meanwhile, TransMontaigne declared a distribution of $0.70 per unit for the period from July 1, 2016 through Sept. 30, 2016, representing a $0.01 increase over the previous quarter. The distribution is payable on Nov. 7, 2016 to unitholders of record on Oct. 31, 2016.
“Over the last year, we have increased the amount paid to our common unitholders over 5%,” said Fred Boutin, CEO of TransMontaigne Partners.
TransMontaigne has a total of 30.6 million bbl of storage capacity at 48 terminals in five regions. It has 22 terminals in the Southeast, four in the Midwest and two in Brownsville. Its general partner is affiliated with ArcLight Energy Partners Fund VI LP.
