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IMTT divests five terminals in Jet sale

Nov. 6, 2023
New Orleans-based storage terminal operator now expects half its 2023 revenues to come from storing, handling non-petroleum products

IMTT recently closed the sale of five bulk liquids storage terminals to Jet Infrastructure, which provides fuel infrastructure for the aviation market.

The five terminals, which collectively offer approximately 1 million barrels of storage capacity, are in Alamogordo, New Mexico; Bremen, Georgia; Macon, Georgia; Montgomery, Alabama; and Moundville, Alabama.

“The proceeds from this sale will be reinvested into current and future growth projects, allowing us to continue executing our ‘Greener and Cleaner’ strategy,” Carlin Conner, IMTT chairman and CEO, said in a news release. “As of today, over half of IMTT’s revenue in 2023 is expected to be generated from the storage and handling of non-petroleum products, such as renewable diesel feedstocks, renewable diesel, vegetable and tropical oils, and chemicals.

“At the same time, we remain committed to supporting our legacy petroleum positions in advantaged markets across the U.S. and Canada.”

New Orleans-based IMTT now has 41 million barrels of storage capacity at its terminals on the East, West, and Gulf Coasts and in the Great Lakes and Canada, the company reported. It plans to continue to own and operate its 11 other terminals cross North America, all of which can facilitate marine product movements.

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