Targa Resources Partners, through its wholly owned subsidiary Coast Energy, will acquire a refined petroleum products and crude oil storage and terminaling facility in Channelview in the US state of Texas.
The facility, which can handle multiple grades of blend stocks, products and crude, has approximately 544,000 barrels of storage capacity.
It contains blending and heating capabilities, tanker truck and barge loading and unloading infrastructure.
Currently, the capacity is 100% leased to customers that include a multi-national oil company and regional refineries.
Targa is engaged in the business of gathering, compressing, treating, processing and selling natural gas, and storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products.