By The Canadian Press

Inter Pipeline signs deal to sell majority of European storage business

Sep 22, 2020 | 7:59 AM

CALGARY – Inter Pipeline Ltd. says it has signed a deal to sell a majority of its European bulk liquid storage business to the CLH Group for $715 million.

The sale includes all of Inter Pipeline’s bulk liquid storage and handling assets in the United Kingdom, Ireland, the Netherlands and Germany.

The assets include 15 storage terminals and approximately 18 million barrels of storage capacity.

Inter Pipeline says it will keep its eight terminals in Sweden and Denmark comprising of 19 million barrels of aggregate storage capacity.

The company says proceeds from the sale will be used to reduce debt, strengthen its balance sheet and help with financing its capital spending, including its Heartland Petrochemical Complex.

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The deal is expected to be completed in the fourth quarter, subject to closing conditions and regulatory approvals.