Blueknight Energy to Sell Oil Assets for About $162 Million
By Micah Maidenberg
Blueknight Energy Partners LP said it struck deals to sell, for
a total of $162 million, assets tied to storing or moving crude
Blueknight said Enbridge Inc. agreed to pay $132 million for its
crude oil terminalling unit, which includes about 6.6 million
barrels of crude oil storage in Cushing, Okla.
CVR Energy Inc. will pay $20 million for Blueknight's oil
linefill and inventory business, which includes 604 miles of crude
Blueknight also agreed to sell its oil-trucking business, but
didn't disclose a buyer.
The deals will help Blueknight transition away "from traditional
oil and gas operations into a pure-play, downstream terminalling
business focused on infrastructure and transportation end markets,"
Chief Executive Andrew Woodward said.
Write to Micah Maidenberg at email@example.com
(END) Dow Jones Newswires
December 21, 2020 07:58 ET (12:58 GMT)
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