Houston-based energy firm Targa Resources announced Monday that it has purchased two petroleum product storage and terminal facilities, including the Targa Sound Terminal on the Hylebos Waterway at the Port of Tacoma.
The Tacoma facility has 758,000 barrels of capacity and handles refined petroleum products, LPGs and biofuels, including ethanol and biodiesel.
Targa acquired the facility as part of the private purchase of previous owner Sound Refining Inc. Targa said that the Sound Refining management team would remain in place and previous growth plans for the facility would continue forward.
The publicly traded Targa also announced the purchase of the Targa Baltimore Terminal on the Patapsco River in Baltimore. The facility has approximately 505,000 barrels of storage capacity, contains blending and heating capabilities, and has tanker truck and barge loading and unloading infrastructure.
The total cost of the two transactions, which closed effective September 30, 2011, was approximately $127 million. While Targa declined to specify the individual transaction amounts, the firm noted that the Tacoma purchase was the larger of the two.
Tuesday, October 4, 2011
