Martin Midstream to Sell Corpus Christi Terminal Assets

NuStar Logistics to acquire Martin Midstream's pipeline assets in Corpus Christi.

Martin Midstream Partners will sell some of its Corpus Christi, TX terminal assets to NuStar Logistics for $107 million, plus the reimbursement of certain capital expenditures and prepaid items.

Among the assets, Martin is selling a 900,000 bbl crude oil storage terminal, a refined product barge terminal, certain pipelines and related easements, as well as dockage and trans-loading assets. The transaction is expects to close before the end of 2016.

“Given our focus on reduction of leverage, we feel this asset sale and distribution right-sizing are prudent moves for the partnership at this time,” said Ruben Martin, president and CEO of Martin. “Together, these two actions should provide a sound catalyst to reducing our currently elevated cost of capital by de-levering and improving increased distribution coverage to our unit-holders.”