NuStar Energy to Sell Nova Scotia Terminal for $60 Million

NuStar Energy LP agreed to sell its terminal in Nova Scotia, Canada to EverWind Fuels for $60 million, according to a Feb. 14 release from the San Antonio-based company.

“This divestiture, at an attractive valuation in line with prior transactions, is yet another step in our strategic plan to continue optimizing our business, building our financial flexibility and strengthening our balance sheet,” Brad Barron, president and CEO of NuStar, commented in a company release.

The 7.8 million-barrel storage terminal is located at Point Tupper on the Strait of Canso, near Port Hawkesbury, Nova Scotia. The sale to EverWind Fuels, a subsidiary of Houston-headquartered TDL Partners and private developer of green hydrogen and ammonia production, storage facilities and associated transportation assets, is expected to close in the first half of 2022.