Hess Corp planned to sell its East Coast and Sta. Lucia storage terminal network. The sale was proposed to Buckeye Partners LP and was valued around USD850, according to a Reuters report. The move came after the US oil and gas company planned reshaping its energy business to focus on production and exploration.
On Wednesday, the companies said in statements that Buckeye would buy 20 liquid petroleum products terminals with total storage capacity of around 39 million barrels.
The terminals are located along the US East Coast, with the exception of the Sta. Lucia terminal which is located in the Caribbean. Hess Corp's Sta. Lucia terminal has a capacity of around 10 million of crude oil and refined petroleum products, according to a report from Reuters.
So far this year, the company had sold assets worth USD5.4 billion. Hess is one of the biggest oil producers in North Dakota's Bakken shale play, said a Reuters report.
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