“This transaction will allow both the L.P. and the new Asphalt J.V. to flourish. Importantly, the transaction will allow NuStar to reduce its earnings volatility, reduce debt and will provide additional opportunities to invest in stable, high-return, pipeline and terminal assets while simultaneously giving the Asphalt J.V. the flexibility it needs to prosper in a more robust margin environment,” Anastasio said.
Anastasio noted that NuStar’s Paulsboro, New Jersey and Savannah, Georgia refineries, with a combined refining capacity of 104,000 barrels per day, as well as the associated inventory will be transferred into the joint venture.
About NuStar Energy
NuStar Energy L.P. is a publicly traded, limited partnership based in San Antonio, with 8,420 miles of pipeline; 84 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids; and two asphalt refineries and a fuels refinery with a combined throughput capacity of 118,500 barrels per day. The partnership’s combined system has approximately 96 million barrels of storage capacity. One of the largest asphalt refiners and marketers in the U.S. and the second largest independent liquids terminal operator in the nation, NuStar has operations in the United States, Canada, Mexico, the Netherlands, including St. Eustatius in the Caribbean, the United Kingdom and Turkey. For more information, visit NuStar Energy L.P.'s Web site at www.nustarenergy.com.About Lindsay Goldberg LLC Lindsay Goldberg is a private investment firm with approximately $10 billion of capital under management that focuses on partnering with entrepreneurial management teams and closely-held and family-owned businesses. The firm typically invests in companies in North America and Western Europe in the manufacturing, energy, financial and business services industries. Lindsay Goldberg has an investment structure that permits ownership for up to 20 years. Cautionary Statement Regarding Forward-Looking Statements This press release includes forward-looking statements regarding future events. All forward-looking statements are based on the partnership and company's beliefs as well as assumptions made by and information currently available to the partnership and company. These statements reflect the partnership and company's current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in NuStar Energy L.P. and NuStar GP Holdings, LLC’s 2011 annual reports on Form 10-K and subsequent filings with the Securities and Exchange Commission.