NuStar Energy L.P. Closes on Divestiture of Remaining 50% Interest in Asphalt Joint Venture

abarrelfullabarrelfull wrote on 08 May 2014 12:13

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Feb. 27, 2014

NuStar Energy L.P. (NYSE: NS) today announced that it has closed on a transaction with an affiliate of Lindsay Goldberg LLC, a private investment firm, to divest all of its 50% voting interest in an asphalt joint venture that owns a refinery located in Paulsboro, New Jersey, a terminal located in Savannah, Georgia, and the related working capital. After closing, Lindsay Goldberg LLC now owns a 100% voting interest in the asphalt business.

“This transaction is one of the final steps in our efforts to reduce our exposure to margin-based operations,” said Brad Barron, President and CEO of NuStar Energy. “Going forward, we can fully concentrate on growing our more stable storage and pipeline fee-based operations.”

Barron went on to say, “After closing, our financial liability related to asphalt refining and margin-based operations has been reduced significantly. In addition, our earnings will no longer be burdened by the volatility and losses generated by the asphalt joint venture.”

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