Sale of Interest in Oiltanking Partners to Enterprise Products Partners
Oiltanking sells its 66.7% stake in Oiltanking Partners L.P. – and hence the Oiltanking Houston and Oiltanking Beaumont tank terminals – to Enterprise Products Partners. Enterprise makes Oiltanking an attractive offer in the summer, which culminates in the signing of the contract, even though there were no plans to sell the Oiltanking stake prior to this. Enterprise takes on all the employees affected by the transaction.
Oiltanking has been providing Enterprise with a variety of services in the Gulf Coast for over 30 years and will continue the long-term relationship as an Enterprise shareholder. The sales price was paid partly in cash and partly in Enterprise common units. Marquard & Bahls plans to use the cash proceeds as well as the quarterly distributions from the investment in Enterprise to promote its long-term growth, both in the United States and internationally.
Oiltanking still has a strong presence in the United States through its ownership and/or operation of terminals in Texas City and Port Neches, Texas and Joliet, Illinois. In addition, the group plans to retain and grow other strategic assets in the United States, including the two dry-bulk terminals of United Bulk Terminals in Davant, Louisiana, and Corpus Christi, Texas, as well as Newsco International Energy Services and Bomin. Even after this sale, Oiltanking remains the world’s second-largest independent storage company for oils, chemicals and gases, with 72 terminals in 23 countries.