Martin Midstream Partners has sold its Stockton Sulfur Terminal (the “Stockton Terminal”) to Gulf Terminals LLC.
The net proceeds of approximately $5.25 million will be used to reduce outstanding borrowings under the Partnership’s revolving credit facility.
Bob Bondurant, president and chief executive officer of Martin Midstream L.P., the general partner of MMLP, said: “Over the last several years, the partnership has sought opportunities to strengthen our balance sheet and reduce outstanding debt to lower our leverage. As a result, we have successfully completed multiple non-core asset sales allowing us to focus on our refinery services business segments.
“While the sulfur business remains a strategic piece of our operations, the Stockton Terminal was considered a non-core asset as it is geographically removed from our focus on the US Gulf Coast area where our primary sulfur assets are located.”
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