Motiva to sell terminal to Marathon Ashland

By OGJ editors

HOUSTON, Apr. 1 -- Motiva Enterprises LLC, Houston, agreed to sell its North Petroleum Distribution Terminal in Port Everglades, Fla., one of three terminals owned and operated by Motiva in that area, to Marathon Ashland Petroleum LLC.

Terms were not disclosed.

Motiva's North Terminal has been in operation since 1940 and has a storage capacity of 388,000 bbl. Company officials said Motiva "can effectively supply the same market from our other two company terminals located in the port," with combined storage capacity in excess of 1.1 million bbl.

The sale is expected to close in early June and will not result in any supply disruption to Motiva customers, said company officials. Marathon is expected to assume control of the terminal upon final closing.