NuStar Energy L.P. has announced that, it has now entered into an agreement for the purpose of selling the terminal in the Nova Scotia, based in Canada to the EeverWind Fuels for an amount of 60 million dollars. The terminal which has capacity of 7.8 million barrel has been located at the Point Tupper on the Strait of Canso, located in the region of Nova Scotia, and the sales has also been expected for closing in the first half of the year 2022.
Brad Barron, CEO and president of NuStar said that, this divestiture, at an attractive valuation in the line with the previous transactions and it has yet been another step in their strategic plan for the purpose of continuing the optimization of their business, along with strengthening their balance sheet, and building the financial flexibility of the company.
Brad Barron also said, they are continuing to expect for funding their spending from their cash flows generated internally in the year 2022 just as they did in the year 2021 that has been reflecting the success of their multi-year initiative for the optimization.
He added that, by continuing for focusing on the optimization of their spending across the business and they are also building a solid foundation that is going to be positioning NuStar for the opportunities in the future and also allowing theme for continuing to pay the debt along with improving the leverage of the company.
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