Sunoco LP Completes Acquisition of European Liquid Fuels Terminals

Source: www.gulfoilandgas.com 4/17/2024, Location: North America

Sunoco LP (NYSE: SUN) ("SUN" or the "Partnership") today announced the completion of the acquisition of liquid fuels terminals from Zenith Energy and the divestiture of 204 convenience stores to 7-Eleven, Inc. ("7-Eleven"). Both transactions were completed at highly attractive multiples and are immediately accretive to unitholders on key metrics.

Including the impact from the European terminal acquisition and West Texas divestiture, the Partnership continues to expect full year 2024 Adjusted EBITDA(1)(2) to be in a range of $975 million to $1 billion.

European Terminals Acquisition

On March 13, 2024, SUN completed the acquisition of one hundred percent of the equity interest in Zenith Energy Netherlands Amsterdam B.V. for €170 million. The Amsterdam terminal occupies a strategic position within the Port of Amsterdam, a pivotal hub for global energy trading and a critical component of Europe's energy market. The Bantry Bay terminal is Ireland's premier independent bulk liquids storage facility supporting the nation's strategic oil reserves. This acquisition creates supply chain efficiencies for the Partnership's U.S. East Coast operations and aligns with an ongoing commitment to add stable midstream income.

West Texas Divestiture

On April 16, 2024, SUN completed the divestiture of 204 convenience stores located in West Texas, New Mexico, and Oklahoma to 7-Eleven, Inc. for approximately $1.0 billion. This transaction further demonstrates the Partnership's ability to optimize its portfolio while positioning the balance sheet for material growth. As part of the sale, SUN amended its existing take-or-pay fuel supply agreement with 7-Eleven, Inc. to incorporate additional fuel gross profit.


Norway >>  5/24/2024 - Var Energi ASA (OSE: VAR) has signed an agreement with Concedo AS for the disposal of a 20% interest in the Boyla field for a consideration of USD 24 ...
Angola >>  5/23/2024 - Summary of Azule Acquisition
Afentra plc ('Afentra' or the 'Company') is pleased to announce the completion of the acquisition of a 12% non-ope...


Mozambique >>  5/22/2024 - - Equity stake in Area 4 concession within Mozambique’s Rovuma basin acquired from Galp, supporting ADNOC’s international growth strategy
- Firs...

Mozambique >>  5/22/2024 - Galp has signed an agreement with ADNOC for the sale of its upstream assets in Mozambique.

Area 4 includes Coral South FLNG, in operation ...


United Kingdom >>  5/22/2024 - Orcadian Energy (AIM:ORCA) is pleased to announce that it has agreed a non-binding Heads of Agreement ("HoA") with a potential farm-in partner (the "P...
United States >>  5/22/2024 - Formation Minerals, Inc. (OTCQB: FOMI) (“Formation” or the “Company”), a growing oil and gas company with a focus on the acquisition and management of...




Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.