Omega Partners to buy Oiltanking Joliet terminal in Channahon, Illinois
The agreement was signed on June 8, 2020. The closing of the transaction is subject to the usual external approvals, as well as transitional processes at the operations, which are scheduled for completion during the course of Q3 2020.
The Oiltanking Joliet terminal is located some 50 miles (80 kilometers) southwest of Chicago, Illinois. It has a capacity of approximately 44,600 cbm (281,000 barrels) and is primarily dedicated to the storage of specialty chemicals. In addition, the terminal has excellent connections for rail, tank truck and barge transport.
As part of Oiltanking's Strategy 2025, the organization is continuously evaluating and optimizing its global terminal portfolio. Notwithstanding its efforts to further expand its business in the U.S., Oiltanking North America has decided to sell the Joliet terminal due to its location and scale in the context of the overall network.
“Since the acquisition of the facility in 2009, Oiltanking and the local team in particular have done a tremendous job of continuously improving operational performance and customer satisfaction. We are pleased to hand over the terminal to a strong U.S. player with proven experience in terminal operations and who recognizes the capabilities and potential of this facility,” Jerry Hardman, Vice President, Business Development Americas for Oiltanking, commented after signing.
“Omega is excited at the opportunity presented by this transaction and looks forward to continuing the growth initiated by Oiltanking at the Joliet terminal,” said Chris Pelligreen, a founder and principal of Omega.
Omega Partners III, LLC owns and operates bulk liquid petroleum terminals in the U.S. states of Illinois, Florida, Georgia, South Carolina, Nevada, and Kentucky. The terminals receive, store, and deliver products via pipelines, railcars, barges, ships and trucks. Omega’s customers are major and independent oil, distribution, trading, chemical and agriculture companies. Omega is independently owned and operated, with corporate offices in St. Louis, Missouri. www.omegapartnersllc.com
Oiltanking North America, LLC is a Houston, Texas-based, wholly owned subsidiary of Oiltanking GmbH. Through its subsidiaries, it offers a variety of facilities for the storage and distribution of chemicals, biofuels and petroleum products.
Oiltanking GmbH is a subsidiary of Marquard & Bahls, a Hamburg-based company that operates in the fields of supply, trading and logistics of energy & chemicals. Oiltanking is one of the largest independent tank storage providers for petroleum products, gases and chemicals worldwide. The company owns and operates 63 terminals in 23 countries in the Americas, Europe, Middle East, Africa, and Asia Pacific including China and India. Oiltanking has an overall storage capacity of 20 million cbm. www.marquard-bahls.com
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