News
Potential sale of Inter Terminals
Inter Pipeline is exploring the potential sale of its European bulk liquid storage business, saying it is consistent with the company’s practice of making prudent, long-term portfolio management decisions.
The company says that should a sale be completed, proceeds could be used to reduce outstanding debt and finance Inter Pipeline’s capital expenditure programme, including the Heartland Petrochemical Complex.
Christian Bayle, president and CEO of Inter Pipeline, said:
“Inter Terminals is a high-quality business with outstanding management and staff. It has made an important contribution to the success and growth of Inter Pipeline over the past 14 years.
“Our decision to explore alternatives is consistent with Inter Pipeline’s practice of making prudent, long-term portfolio management decisions particularly in light of our organic growth initiatives.”
Inter Terminals’ portfolio of assets spans operations in the UK, Denmark, Sweden, Germany, Netherlands and Ireland. It has 37 million barrels of storage capacity across 23 terminals. These terminals are long life infrastructure assets that are strategically located close to established global market hubs, product delivery channels, refineries and chemical production facilities.
This process is not expected to have an impact on Inter Terminal’s operations, which are continuing in the ordinary course. Inter Pipeline has not established a definitive timeline to complete this process and there is no assurance that a transaction will result from it.
Inter Pipeline does not intend to comment further with respect to the process, unless and until it determines that additional disclosure is appropriate in the circumstances and in accordance with the requirements of applicable securities laws.