Hartree Refining Co. LLC, an affiliate of Hartree Partners LP, said Nov. 16 it has completed the acquisition of Targa Resources Corp.’s membership interests in Targa Channelview LLC. The transaction closed in October 2020.
“We believe this transaction represents a natural extension of Hartree’s experience investing in midstream and downstream infrastructure assets that are complementary to our core trading competencies,” Guy Merison, co-founder of Hartree Partners LP, said.
Channelview consists of a recently constructed 38,000 barrel per day crude and condensate splitter, in addition to approximately 1.3 million barrels of crude and refined product storage, a barge dock, trucking lanes, a waste water treatment facility, and other related infrastructure, all of which is located in Channelview, Texas.
“We believe that Channelview has significant potential and we are excited to be working with Channelview’s existing management team to further develop and operate the asset through its next phase of growth,” Merison said. “We plan on initiating several growth projects and continuing to expand the facility’s third party storage business.”
Latham & Watkins LLP served as legal counsel to Hartree.
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