Martin Midstream Partners has announced the sale of its Stockton Sulfur Terminal to Gulf Terminals.
The net proceeds of approximately $5.25 million will be used to reduce outstanding borrowings under the Partnership’s revolving credit facility.
Bob Bondurant, president and CEO of Martin Midstream GP, the general partner of MMLP stated: “Over the last several years, the Partnership has sought opportunities to strengthen our balance sheet and reduce outstanding debt to lower our leverage.
“As a result, we have successfully completed multiple non-core asset sales allowing us to focus on our refinery services business segments. And while the sulfur business remains a strategic piece of our operations, the Stockton Terminal was considered a non-core asset as it is geographically removed from our focus on the US Gulf Coast area where our primary sulfur assets are located.”
(Source: Tank News Int., Oct. 14-2022)