Targa completes acquisition of two terminals

Targa Resources Partners, a supplier of midstream natural gas and natural gas liquid services in the US, has acquired two US-based terminals for refined petroleum products and crude oil storage.

The first, Targa Sound Terminal, is located on the Hylebos Waterway in the Port of Tacoma, Washington. It has a capacity of 758,000 barrels and handles refined petroleum products, LPGs and biofuels, including ethanol and biodiesel.

The Targa Baltimore Terminal has a 505,000-barrel storage capacity. It is situated on the Patapsco River in Baltimore, Maryland, and contains blending and heating capabilities, as well as tanker truck and barge loading and unloading infrastructure.

Targa completed the acquisition of these two facilities on 30 September and the investment is estimated to have been around $127 million (€95 million).

Speaking about the two new terminal businesses, Rene Joyce, CEO of Targa Resources Partners' general partner and of Targa Resources, says: 'We believe that their long-term, strategic value will increase as we continue to serve growing customer needs in both the Northwest and Northeast regions. They come with active organic growth opportunities to expand capacity and capabilities and will benefit from connectivity with waterborne, rail, truck and pipeline delivery.'