El Dorado oil storage terminal sold
11/08/2013 10:20 AM
11/08/2013 10:22 AM
Rimrock Midstream has purchased Enbridge Energy Partners’ El Dorado Storage Terminal.
Located two miles west of El Dorado, the storage terminal has served the nearby El Dorado refinery since the early 1950s. The facility sits at the end of the Osage Pipeline and can hold 1.15 million barrels of crude. It stores and blends oil for a number of Kansas producers, who have seen a 30 percent annual statewide production increase since hitting a trough in 2005.
Rimrock also reached a deal with Energy Capital Partners for up to $160 million to fund Rimrock's program of building and acquiring crude oil-related midstream energy assets. The El Dorado purchase is the first of many, say Rimrock executives.
“The El Dorado Storage Facility will be a strong anchor asset for our midstream platform, while offering attractive organic expansion opportunities,” Rimrock CEO John Peterson said, in statement.
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