Trinidad-based Phoenix Park Energy Marketing Ltd (PPEM) has finalised its acquisition of a natural gas liquids (NGL) terminal in the US.
PPEM purchased the terminal located in Hull, Texas from Keyera Energy Inc – a subsidiary of Keyera Corporation one of Canada's largest midstream oil and gas producers.
The deal was announced in separate statements by Phoenix Park Gas Processors Ltd (PPGL) – parent company of PPEM – and TT NGL Ltd, a 39 per cent shareholder in PPGL. The companies are part of the National Gas Company Group.
"With this acquisition PPEM can access and aggregate LPG supply to sustain and grow its markets in Mexico, Latin America and the United States.
"This transaction is aligned to Phoenix Park's growth strategy of realising its vision to 'be a recognised global leader in the development of energy-related business,'" PPGL said.
"PPEM's acquisition of the NGL terminal is another step in fulfilling PPGPL's strategy to grow the business further along the NGLs value chain, and in alignment with the NGC Group's thrust towards international growth," TT NGL said in its statement.
The Keyera terminal acquisition is the second by PPGL through its subsidiary.
On February 1, 2020, it acquired the marketing assets of the Houston-based Twin Eagles Liquid Marketing Ltd.
"With the completion of this second acquisition, the employees of PPGL and PPEM will have further opportunities to apply their respective talents in the US midstream sector thereby leveraging core skills and competencies particularly in the areas of process safety, financial governance and NGL marketing for which PPGL is recognised locally, regionally and internationally," PPGL said.
Keyera services oil and gas producers in Western Canada and transports natural gas liquids including propane, ethane, butane, condensate and iso-octane to markets throughout North America, TT NGL also stated.