Kaneb to acquire Netherlands Antilles terminals group Statia

Kaneb Pipe Line Partners LP, Wichita, Kan., agreed to acquire substantially all of the assets of Statia Terminals Group NV for $307 million, including estimated cash in hand and $107 million in debt.

Nov. 13, 2001

By the OGJ Online Staff

HOUSTON, Nov. 13 -- Kaneb Pipe Line Partners LP, Wichita, Kan., agreed to acquire substantially all of the assets of Statia Terminals Group NV for $307 million, including estimated cash in hand and $107 million in debt.

Statia, a marine terminal services company based in Netherlands Antilles, said it intends to liquidate itself after distributing the proceeds of the sale.

The directors of Statia have already approved the move; the transaction is subject to regulatory and shareholder approval, but is expected to close in the first quarter 2002.

Merrill Lynch & Co. served as financial advisor to Statia.

Statia provides storage, blending, processing, and other marine terminaling services for crude oil, refined products, and other bulk liquids at its facilities located on the island of St. Eustatius, Netherlands Antilles, and at Point Tupper, NS. Statia also provides value-added services, including delivery of bunker fuels to vessels, other petroleum product sales, emergency and spill response services, and ship services.