Main assets of JBBR include crude oil unloading terminal and a 4-mile crude oil pipeline – the Joliet Terminal, which are under construction and are scheduled to complete in mid to late April 2015.
The acquisition also includes an earn-out payable to CenterPoint by the JBBR joint venture based upon petroleum product throughput volumes at the terminal, the company said.
Upon completion of the transaction, Arc Logistics will manage ongoing operations of the Joliet Terminal.
Arc Logistics will hold 60% stake in the JBBR joint venture company while GE will own the remaining interest.
With a capacity of approximately 85,000 barrels of crude oil per day, the Joliet Terminal will have approximately 300,000 barrels of storage and a 4-mile pipeline connection to a common carrier crude oil pipeline.
