[ID] => 11362
[post_author] => 34
[post_date] => 2019-08-09 09:03:03
[post_date_gmt] => 2019-08-09 08:03:03
[post_content] => Inter Pipeline has announced it is exploring the potential sale of its European bulk liquids storage business, Inter Terminals.
"Inter Terminals is a high-quality business with outstanding management and staff. It has made an important contribution to the success and growth of Inter Pipeline over the past 14 years," says Christian Bayle, president/CEO of Canada-based Inter Pipeline. "Our decision to explore alternatives is consistent with Inter Pipeline's practice of making prudent long-term portfolio management decisions particularly in light of our organic growth initiatives."
Should a buyer be found, proceeds from the sale could be used to pay down debt and to finance Inter Pipeline’s capital expenditure programme, including development of the Heartland petrochemical complex. Any sale is not expected to have an impact on Inter Terminals’ operations, which are continuing as normal. Inter Pipeline has not established a definitive timeline to complete this process and there is no assurance that a transaction will result from it.
Inter Terminals delivered funds from operations of C$26.9m in the second quarter 2019, up from C$17.4m last year following the integration of NuStar Energy’s European terminals in the UK and the Netherlands. Inter Pipeline notes that the acquired terminals operated at a 96% utilisation rate through the quarter, although overall utilisation was 83%, slightly down on the year earlier level but a marked improvement on the first quarter. Indeed, with customer interest improving, particularly in Denmark, utilisation in July averaged 90% across the network.
[post_title] => Buyer sought for Inter Terminals
[post_status] => publish
[comment_status] => open
[ping_status] => open
[post_name] => inter-terminals-sale
[post_modified] => 2019-08-09 09:03:03
[post_modified_gmt] => 2019-08-09 08:03:03
[post_parent] => 0
[guid] => https://www.hcblive.com/?p=11362
[menu_order] => 0
[post_type] => post
[comment_count] => 0
[filter] => raw