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Blueknight Energy to Sell Oil Assets for About $162 Million

By Micah Maidenberg

 

Blueknight Energy Partners LP said it struck deals to sell, for a total of $162 million, assets tied to storing or moving crude oil.

Blueknight said Enbridge Inc. agreed to pay $132 million for its crude oil terminalling unit, which includes about 6.6 million barrels of crude oil storage in Cushing, Okla.

CVR Energy Inc. will pay $20 million for Blueknight's oil linefill and inventory business, which includes 604 miles of crude oil pipelines.

Blueknight also agreed to sell its oil-trucking business, but didn't disclose a buyer.

The deals will help Blueknight transition away "from traditional oil and gas operations into a pure-play, downstream terminalling business focused on infrastructure and transportation end markets," Chief Executive Andrew Woodward said.

 

Write to Micah Maidenberg at micah.maidenberg@wsj.com

 

(END) Dow Jones Newswires

December 21, 2020 07:58 ET (12:58 GMT)

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