AmeriGas Propane Inc, Valley Forge PA, has announced that the company has signed a definitive agreement to sell its Bumstead liquefied petroleum gas (LPG) storage terminal near Phoenix AZ to Plains LPG Services LP, Houston TX for approximately $52 million.
The 3.5 million barrel underground storage facility provides LPG storage for the western United States. As part of the transaction, AmeriGas will retain the right to store propane for its retail operations under a long-term storage agreement.