Flint Hills explores sale of Texas crude export terminal [Reuters]
JP Morgan Chase & Co. (JPM)
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Source: Reuters
Flint Hills explores sale of Texas crude export terminal - Reuters 2 Min Read HOUSTON, June 26 (Reuters) - U.S. oil refiner Flint Hills Resources is exploring the sale of its crude export terminal near Corpus Christi, Texas, and has hired JP Morgan Chase to market the assets, the company said on Wednesday. Flint Hills, a unit of closely held Koch Industries Inc, may sell all the operation or seek a partner for the Ingleside, Texas, terminal. A spokesman declined to provide the sales price for the operation. “We want to understand how the market values the asset and whether there is an opportunity to utilize the terminal better than we are today,” spokesman Andy Saenz said. The Ingleside terminal connects to its own pipeline from the Eagle Ford in South Texas and to other lines owned by Phillips 66, Plains All American Pipeline LP and others. It is increasing storage capacity at the site by 1 million barrels to 3.5 million, and is raising the terminal’s vessel loading capacity from 200
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