NGL Energy Partners,Magnum Liquids Ink JV Agreement For Sawtooth

摘要

NGL Energy Partners LP(NYSE: NGL) and Magnum Liquids LLC have formed a joint venture(JV)to focus on the storage of NGL and refined products by combining NGL’s Sawtooth storage facility with Magnum’s refined products rights and adjacent leasehold,the companies said on March 1. Sawtooth is a NGL storage facility with 6.1 million barrels(MMbbl)of capacity in five existing salt caverns,including rail and truck access to Western U.S. markets located southwest of Salt Lake City,Utah. NGL will sell an interest in Sawtooth to Magnum for $45 million in cash due at closing. Magnum will contribute its right, title and interest in certain leasehold and other assets located at the site,which will be utilized to expand Sawtooth’ s existing operations and allow for the addition of refined products storage at the facility.