Posted on January 9, 2023
Bulk liquid terminal operator IMTT reports that it has closed on the sale of the company’s bulk liquids storage terminal located in Gretna, Louisiana to BWC Terminals LLC.
The Gretna terminal is located on the Mississippi River and has approximately 2.3 million barrels of storage capacity, with truck, rail, and deep-water marine access.
“BWC was uniquely positioned to execute on this transaction due to the adjacent location of their Harvey terminal,” said Carlin Conner, chairman and CEO of IMTT. “Divesting a terminal that we have owned and operated for 32 years was a difficult decision. BWC’s commitment to continuing to operate Gretna with the current team in place, and in a safe, environmentally responsible, and efficient manner was a major factor in our decision.”
“With the reinvestment of proceeds from this transaction and the execution of contracted renewable fuel and chemical-related infrastructure projects that are in progress, over half of the company’s revenue in 2023 will be generated from the handling of non-petroleum products, such as renewable diesel feedstocks, renewable diesel, vegetable and tropical oils, and chemicals,” said Conner.
New Orleans-based IMTT will continue to own and operate its 16 other terminals across North America, including its three Louisiana terminals located along the Mississippi River in Avondale, Geismar, and St. Rose, which generate nearly 70% of its revenue from the handling of non-petroleum products.
