NuStar will acquire a 75% ownership stake in the joint venture for a price of approximately $54m.
The two terminals, which are now wholly owned by the joint venture, are located in Mersin, Turkey.
One of the terminals, previously owned by S-Oil, has 606,000 barrels of storage capacity in 20 tanks, primarily for gas oil and distillates.
A newer terminal that was owned by Aves began operations in August and has 740,000 barrels of storage capacity in 24 tanks, mostly for oil products.
The joint venture plans to expand the combined storage capacity of the terminals by approximately 930,000 barrels by the end of 2011.
Both terminals are connected through pipelines to the new SAVKA offshore platform located approximately three miles off the Mediterranean Sea coast.
