Garyville Refinery_deleted (Port)
Latest news
MPLX LP Acquires US Gulf Coast Export Terminal
MPLX LP (NYSE :MPLX ) today announced it has purchased an eastern U.S. Gulf Coast export terminal with 4 million barrels of third-party leased storage capacity and a 120,000 barrels-per-day (bpd) dock from Pin Oak Holdings, LLC, for approximately $450 million. The transaction will be financed with a combination of cash from operations and debt. This facility has the capability to significantly expand its storage capacity to 10 million barrels and is permitted for construction of a second 120,000 bpd dock. This growth potential is significant, as multiple pipelines and rail lines cross the property, and the terminal is positioned as an aggregation point for liquids growth in the region for both ocean-going vessels and inland barges. As the facility expands, this investment is expected to generate a mid-teens percent return.
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