Martin Midstream (MMLP) Divests Mega Assets to Stone Oil

Source: www.gulfoilandgas.com 12/29/2020, Location: North America

Martin Midstream Partners L.P. MMLP announced the divestment of some of the assets related to its Mega Lubricants (or Mega) onshore terminals business to John W. Stone Oil Distributor, LLC, (“Stone Oil”) in a $22.4-million deal.

As an integrated manufacturing and delivery business, Mega Lubricants is actively engaged in blending, producing and offering a variety of marine application lubricants, sub-sea specialty fluids, and privately-developed commercial as well as industrial products. Moreover, it has high flexibility to manage growing customer demand for tank storage and warehouse requirements.

Stone Oil has been involved in the marine fuel and the lubricant distribution business for almost 75 years, with trading operations along the lower Mississippi River and the Gulf of Mexico. Importantly, the acquisition of Houston-based Mega is expected to expand Stone Oil’s ongoing distribution and delivery operations as they both offer the same services and products to customers.

Notably, the divestiture highlights Martin Midstream’s consistent focus to lower the outstanding debts by selling non-core assets, while enabling the partnership to prioritize its commercial strengths and long-term relationships based on its refinery services’ assets.


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