BWC Terminals has purchased a bulk liquids storage terminal located in Gretna, Louisiana, US, from New Orleans-based IMTT.
With truck, rail and deep-water marine access, the Gretna terminal has a capacity for around 2.3 million barrels of storage.
The terminal is situated on the Mississippi River.
IMTT will continue to own and run 16 other terminals that it owns across North America.
These include three Louisiana terminals that are situated along the Mississippi River in Avondale, Geismar and St Rose.
The terminals get around 70% of their revenue from handling non-petroleum products.
IMTT chairman and CEO Carlin Conner said: “BWC was uniquely positioned to execute on this transaction due to the adjacent location of their Harvey terminal.
“Divesting a terminal that we have owned and operated for 32 years was a difficult decision. BWC’s commitment to continuing to operate Gretna with the current team in place, and in a safe, environmentally responsible, and efficient manner was a major factor in our decision.
“With the reinvestment of proceeds from this transaction and the execution of contracted renewable fuel and chemical-related infrastructure projects that are in progress, over half of the company’s revenue in 2023 will be generated from the handling of non-petroleum products, such as renewable diesel feedstocks, renewable diesel, vegetable and tropical oils, and chemicals.”
Established in 1939, IMTT is engaged in the handling and storage of bulk liquid products, including energy transition fuels, feedstocks and petrochemicals.