27.02.2015 20:08:15

Valero Energy Partners To Buy Certain Valero Terminaling Businesses For $671 Mln

(RTTNews) - Valero Energy Partners LP (VLP) today announced that the board of directors of its general partner has approved the Partnership's acquisition of certain businesses from subsidiaries of Valero Energy Corp. (VLO).

In the deal, Valero Energy Partners will receive the outstanding membership interests in Valero Partners Houston, LLC and Valero Partners Louisiana, LLC for total consideration of about $671 million.

The deal is expected to be immediately accretive to Valero Energy Partners and its unitholders and is expected to close effective March 1.

Valero Partners Houston operates a crude oil, intermediates, and refined petroleum products terminal located on the Houston ship channel that supports Valero's Houston refinery. The assets consist of storage tanks with 3.6 million barrels of storage capacity.

Valero Partners Louisiana operates a crude oil, intermediates, and refined petroleum products terminal located on the Mississippi River in Norco, Louisiana, that supports Valero's St. Charles refinery. The assets consist of storage tanks with 10 million barrels of storage capacity.

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