“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.
NuStar Energy Announces Plans To Sell 50% Of Its Asphalt Operations To Lindsay Goldberg And Create Joint Venture
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