Geonet is a privately-held Texas corporation that provides crude oil gathering, storage and distribution along the intracoastal waterway in southern Louisiana.
The partnership's purchase covers three pipelines in Louisiana's Terrebonne Parish that have a combined capacity to distribute up to 60,000 barrels per day of crude oil from a storage facility into pipeline interconnects. The acquisition also includes long-term lease agreements for 56,000 barrels of crude oil storage, two barge docks and a truck loading rack.
Phil Wright, president of Williams Energy Partners L.P. said, "This acquisition represents another example of how we can work with our general partner, Williams, to grow long-term, stable cash flows while minimizing the partnership's exposure to commodity prices."
Including the Geonet facilities, Williams Energy Partners has a total of five marine terminals. The partnership already has marine facilities in New Haven, Conn., Galena Park, Texas, Corpus Christi, Texas, and Marrero, La.
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