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Stock Market & Financial Investment News

News Breaks
January 2, 2013
18:28 EDTCLMT, NSNuStar Energy closes sale of San Antonio refinery assets to Calumet Specialty
NuStar Energy (NS) announced that it has closed on the sale of its San Antonio refinery and related assets, including a terminal in Elmendorf, TX and a pipeline connecting the terminal and refinery, to Calumet Specialty Products Partners (CLMT) for $100M, plus closing date inventory of approximately $15M. NuStar purchased the refinery and terminal out of bankruptcy in April 2011 for $41M, and the company has invested approximately $54M since then on improvements. To facilitate the transition of the facilities from NuStar to Calumet, the two companies have entered into a transition services agreement in which NuStar will continue providing operational and administrative support for the next few months. NuStar will use proceeds from the transaction to fund the growth of stable, fee-based pipeline and storage operations, especially in the Eagle Ford Shale region and other U.S. shale plays.
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