By the OGJ Online Staff
HOUSTON, Nov. 8 -- Williams Energy Partners LP, an affiliate of Williams Cos. Inc., Tulsa, acquired the oil storage and distribution assets of Texas-based Geonet Gathering Inc. for $20 million.
Privately held Geonet provides oil gathering, storage, and distribution along the Intracoastal Waterway in southern Louisiana.
The purchase includes three pipelines in Louisiana's Terrebonne Parish with a combined capacity to distribute 60,000 b/d of crude oil from a storage facility into pipeline interconnects.
The deal also includes long-term lease agreements for 56,000 bbl of crude oil storage, two barge docks, and a truck loading rack.
Williams' energy marketing and trading unit agreed to a 9-year, 100% utilization contract for the acquired assets.
The acquisition brings Williams Energy Partners' marine terminals to five.
