Omega Partners, through its Omega Partners Illinois subsidiary, recently signed an agreement with Oiltanking North America, which offers diverse facilities for the storage of chemicals, biofuels and petroleum products, to acquire the Oiltanking Joliet terminal in Channahon IL.
The deal was made in June. Closing of the transaction is subject to external approvals, as well as transitional processes at the operations, which are scheduled for completion during the third quarter of 2020, the company said.
The Oiltanking Joliet terminal is located approximately 50 miles southwest of Chicago. It has a capacity of approximately 281,000 barrels and is primarily dedicated to the storage of specialty chemicals. In addition, the terminal has excellent connections for rail, tank truck and barge transport.
Houston TX-based Oiltanking North America said it decided to sell the Joliet terminal due to its location and scale in the context of the overall network.
“Since the acquisition of the facility in 2009, Oiltanking and the local team in particular have done a tremendous job of continuously improving operational performance and customer satisfaction,” said Jerry Hardman, vice president of business development in the Americas for Oiltanking. “We are pleased to hand over the terminal to a strong U.S. player with proven experience in terminal operations and who recognizes the capabilities and potential of this facility.”
Omega Partners owns and operates bulk liquid petroleum terminals in six US states. The terminals receive, store and deliver products via pipelines, railcars, barges, ships and trucks. Visit omegapartnersllc.com for more information.
“Omega is excited at the opportunity presented by this transaction and looks forward to continuing the growth initiated by Oiltanking at the Joliet terminal,” said Chris Pelligreen, a founder and principal of Omega.