NuStar acquires majority stake in Turkish products terminals

Christopher E. Smith
OGJ Pipeline Editor

HOUSTON, Feb. 10 -- NuStar Energy LP has closed on a joint venture with Turkish companies S-Oil and Aves giving NuStar majority ownership and operational control of two petroleum terminals in Turkey. NuStar will acquire a 75% ownership stake in the joint venture for about $54 million.

The two terminals, now wholly owned by the JV, are in Mersin, Turkey. One of the terminals, previously owned by S-Oil, has 606,000 bbl storage capacity in 20 tanks, primarily for gas oil and distillates. A newer terminal previously owned by Aves began operations in August and has 740,000 bbl storage capacity in 24 tanks, mostly for oil products. The JV plans to expand the combined storage capacity of the terminals by roughly 930,000 bbl by yearend.

Both terminals are connected via pipeline to the new SAVKA offshore platform about 3 miles offshore in the Mediterranean Sea. The platform can simultaneously offload product from two Aframax-size (80,000 dwt) vessels. Both terminals receive product via the platform and discharge via truck rack to the regional market or via the platform for export. The joint venture is evaluating additional terminal construction projects in different parts of Turkey.

NuStar has also been active in expanding liquids transportation in Texas’ Eagle Ford shale (OGJ Online, Oct. 19, 2010).

Contact Christopher E. Smith at chriss@ogjonline.com.

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