US refiner Sunoco acquires controlling interest in Ohio refined products pipeline
US refiner Sunoco has acquired a controlling interest in Inland Corp., a firm which consists of an active 350-mile refined products pipeline and related facilities in Ohio that service multiple Ohio refineries and terminal markets.
The aggregate purchase price was approximately $100mn, which was financed by borrowings under Sunoco’s revolving credit facilities pending more permanent financing, the company said.
As a result of these transactions, Sunoco Logistics now owns an 83.8% economic interest and a 70% voting interest in Inland, it said.
“We are pleased to announce this latest acquisition,” said Lynn L. Elsenhans, Sunoco CEO.
“The Inland operations are an excellent complement to our existing refined products platform in the Midwest,” she added. This acquisition is in-line with our goal of growing ratable, fee-based cash flow.”
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