El Paso Sells Florida Petroleum Operations

Wednesday, January 15, 2003
El Paso Corporation announced the sale of its Florida petroleum terminals and tug and barge operations to TransMontaigne, Inc. The transaction has an estimated value of $155 million, including an estimated $35 million of product inventory value at closing. El Paso acquired these assets through its merger with The Coastal Corporation in 2001. The Florida petroleum terminal business provides bunker fuel for the maritime industry and is a major supplier of residual fuel, diesel and gasoline throughout Florida.

The sale of these assets supports El Paso's previously announced strategy to exit non-core businesses, which furthers its goal to strengthen the company's balance sheet and reduce debt. The transaction is expected to close in the first quarter of 2003 and is subject to customary regulatory approvals.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

UN Throws the Book at North Korea Ship Operator

A U.N. Security Council committee on Monday blacklisted the operator of a North Korean ship, which was seized near the Panama Canal last year for smuggling Soviet-era arms,

Gondan to Build Spanish Patrol Boats

Gondan Shipyard has recently signed a contract with the Guardia Civil, Spain’s Civil Guard, for the building of two patrol boats. The aluminum and fiber (PRFV ) vessels will measure 20.

ABS to Class the World's First CNG Ship

ABS announced it has been chosen to class the world's first compressed natural gas (CNG) carrier ordered by Pelayaran Bahtera Adhiguna, a subsidiary of Indonesia's

 
 
Maritime Contracts Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1261 sec (8 req/sec)