Houston’s Shell Midstream Partners is going on a buying spree, acquiring $825 million worth of pipelines and terminals from its Royal Dutch Shell parent.
Written by Jordan Blum for the Houston Chronicle –
The deals designed to beef up the three-year-old Shell Midstream business give the Houston pipelines firm more ownership in Gulf Coast and Gulf of Mexico pipelines, as well as a slew of terminals from the Houston area to Washington state.
The drop-down acquisitions from the parent Shell and other Shell subsidiaries give Shell Midstream majority ownership of the Mars and Odyssey oil pipelines in the Gulf of Mexico. Shell Midstream already owned 49 percent stakes in the pipelines and the deal ups those stakes to at least 71 percent.
The acquisition also includes a Houston-area terminal in Pasadena, as well as four other terminals in Portland, Seattle, Anacortes, Wash.; and Des Plaines, Ill.
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