Blueknight Energy to Sell Oil Assets for About $162 Million
December 21 2020 - 08:13AM
Dow Jones News
By Micah Maidenberg
Blueknight Energy Partners LP said it struck deals to sell, for
a total of $162 million, assets tied to storing or moving crude
oil.
Blueknight said Enbridge Inc. agreed to pay $132 million for its
crude oil terminalling unit, which includes about 6.6 million
barrels of crude oil storage in Cushing, Okla.
CVR Energy Inc. will pay $20 million for Blueknight's oil
linefill and inventory business, which includes 604 miles of crude
oil pipelines.
Blueknight also agreed to sell its oil-trucking business, but
didn't disclose a buyer.
The deals will help Blueknight transition away "from traditional
oil and gas operations into a pure-play, downstream terminalling
business focused on infrastructure and transportation end markets,"
Chief Executive Andrew Woodward said.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
December 21, 2020 07:58 ET (12:58 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Enbridge (TSX:ENB)
Historical Stock Chart
From Feb 2024 to Mar 2024
Enbridge (TSX:ENB)
Historical Stock Chart
From Mar 2023 to Mar 2024