Magellan Midstream Partners has sold just under half of its membership interest in its Pasadena marine terminal joint venture, MVP Terminalling, to an undisclosed buyer for $270 million.
MVP Terminalling’s refined petroleum products marine storage terminal on the Houston Ship Channel in Pasadena, Texas, has a capacity of 5 million bbl, as well as two ship docks and truck loading facilities.
There is space to almost double this capacity. Magellan remains the operator of the terminal, and now has a 25 percent share in the JV.
Magellan CEO Michael Mears said: “Important energy infrastructure assets – such as those owned by our Pasadena marine terminal joint venture – are critical to both the US and global economy and continue to be highly valued.
“As Magellan has demonstrated in the past, we regularly review both potential investments and our own asset portfolio for opportunities to unlock incremental value for our investors.”
For more information visit www.magellanlp.com