NEW YORK Oct 9 Hess Corp sold its
storage terminal network to Buckeye Partners LP for $850
million as the U.S. oil and gas company works to reshape its
sprawling energy business.
Buckeye will acquire 20 liquid petroleum products terminals
with total storage capacity of about 39 million barrels, the
companies said on Wednesday. All of the terminals are located
along the U.S. East Coast, except for Hess' Santa Lucia terminal
in the Caribbean, which has a capacity of about 10 million
barrels of crude oil and refined petroleum products.
Hess has been selling off assets due in part to efforts by
activist investor Elliott Management's to shake up the company.
The company said it has sold assets worth $5.4 billion so far