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NEWS BULLETIN
STORAGE TERMINALS
RUBIS CLOSES TEPSA DEAL
Rubis Terminal, a joint venture between Rubis and I Squared Capital, has completed the acquisition of Terminales Portuarias (Tepsa) from Pétrofrance. Tepsa operates four bulk liquids storage terminals in Spain with a combined capacity of 912,000 m3, handling chemicals, biofuels and conventional fuels. Tepsa generated revenues of €52m in 2019 and has, Rubis says, “significant growth potential”. The deal increases the size of Rubis Terminal by some 30 per cent; it now has 4.6m m3 of tank capacity across 17 sites in five countries. “We have full confidence in the success of the integration between the two companies,” says Bruno Hayem, CEO of Rubis Terminal. “Rubis Terminal and Tepsa share common values and vision. This similarity comes from our histories, industrial cultures, and successoriented workforces. Our new collaboration has already been very successful with the recent issuance of our €150m additional senior secured notes.” Nuria Blasco, CEO of Tepsa, says: “We are looking forward to being part of Rubis Terminal, with its exceptional growing opportunities for
HCB MONTHLY | DECEMBER 2020
Tepsa and its team members. We already feel as if we have known each other for years.” Jacques Nahmias, chairman of Pétrofrance SA, adds: “The completion of the sale of Tepsa represents an important milestone in the history of the company and its parent Pétrofrance. We are very happy about this transaction that allows Tepsa to join a group with an international presence, with common values and which will support its continued development.” www.rubis-terminal.com www.tepsa.es BWC BUYS TEXAS CITY SITES
NuStar Energy has agreed to sell its two bulk liquids storage terminals in Texas City to BWC Terminals for $106m. The deal is expected to close before the end of the year. Together, the two sites have a storage capacity of 2.81m bbl (450,000 m3) and handle a wide range of refined products and chemicals. “While the Texas City terminals are great assets with outstanding operations and employees, the location and unique configuration of these terminals are no longer synergistic with NuStar’s strategies for our other Gulf Coast
assets,” says Brad Barron, president/CEO of NuStar. “For this reason, we determined that the best path forward for the continued success of these facilities and NuStar is to allow them to be acquired by an entity that can take advantage of the terminals’ niche petrochemical and petroleum capabilities. We are pleased that BWC Terminals has just such a business model. “And while it was a difficult decision, this divestiture will allow us to deploy the proceeds to further improve our debt metrics and self-fund a larger proportion of our capital programme,” Barron adds. “We are pleased that our Texas City employees will now have the opportunity to be a part of a strong and growing company with a business model that is more operationally synergistic with the strengths of these terminals. This should create more growth opportunities for the operations and provide employees with more resources to ensure their continued growth and success as well.” Mike Suder, CEO of BWC Terminals, says: “I’m confident that Texas City is a natural fit for the BWC organisation. Like NuStar Texas City, we store a diverse array of liquids - including hydrocarbons, chemicals,
