The value of the transaction has not been disclosed.
UBT, located on the Mississippi River, is a dry bulk export terminal on the Gulf Coast offers a full suite of ground-based service capabilities including storage, blending and sampling.
It has a dry bulk barge fleeting operation to accommodate multiple vessels simultaneously.
OTA CEO and president Carlin Conner said they anticipate significant growth at this terminal over the next two years and plan to spend approximately $70m to increase throughput capacity, improve handling flexibility and develop world-class blending capabilities.
"This strategic acquisition will give OTA access to a large, diversified customer portfolio of producers, refiners, traders and utilities that will complement our existing asset base in North America which consists of terminals in Texas City and Port Neches, Texas; Joliet, Illinois; our 71% combined general partner and limited partner interests in Oiltanking Partners, L.P. (NYSE: "OILT"); and Bulk Handling USA, Inc., which through a joint-venture currently operates two petroleum coke handling facilities," said Conner.
The acquisition is expected to be completed by the second quarter of 2012 subject to customary closing conditions.
