TransMontaigne will contribute approximately 1.5 million barrels of light petroleum product storage capacity, as well as related ancillary facilities, to the JV in exchange for a cash payment of about $25m and a 50% ownership interest.
PMI will acquire a 50% ownership interest in the JV for a cash payment of approximately $25m and the JV assets will be operated by TransMontaigne.
TransMontaigne will continue to own and operate 946,000 barrels of tankage in Brownsville independent of the JV.
TransMontaigne is a terminaling and transportation company based in Colorado, US.
