A San Antonio-based terminal operator has purchased the portion of a Linden refined products terminal that it did not already own, it said Friday.NuStar Energy LP said in a news release that it has bought out its 50-50 joint venture partner, Linden Holding Corp., and taken full ownership of the terminal in New York Harbor. NuStar paid $142.5 million for the NIC Holding Corp. subsidiary’s interest, it added.
“Having sole ownership of the terminal further strengthens our presence in the New York Harbor and the East Coast market, and it may provide opportunities for expansion, as well,” Brad Barron, NuStar CEO and president, said in a prepared statement.
NuStar also owns the adjacent Linden NuTop terminal, allowing it to increase efficiencies and economies of scale.
The Linden terminal has storage capacity for 4.3 million barrels of refined products, such as gasoline, jet fuel and fuel oil, as well as a deep-water ship dock and a barge dock, plus pipeline connections.
ALSO ON NJBIZ:
How did region’s airports fare during peak travel season?
Two N.J. colleges among best for online education, U.S. News says
Matzo maker to shift operations to N.J., leaving historic N.Y. home