Tuesday, November 21, 2017
(November 21, 2017) — Blackline Partners LLC (Montecito, Calif.), a mid- stream logistics and infrastructure provider for the North American energy markets, and TPG Sixth Street Partners (TSSP; San Francisco), a global credit and credit-related investment firm, have formed Blackline Midstream, a growth-oriented joint venture that will acquire and develop oil and gas midstream infrastructure assets. 
The joint venture has acquired Sea-3 Inc., owner of a New England propane storage and distribution terminal in Newington, N.H., from Trammo Inc. (Houston). Trammo’s team, previously dedicated to Sea-3 operations, has joined Blackline Midstream and will operate from the joint venture’s Houston office. Noted is that Sea-3 has an approved upgrade project for Newington that will significantly increase rail unloading capacity at the terminal, providing it access to both domestic and international markets. Newington currently includes 530,000 bbl of propane storage; a five-lane, 24/7 truck loading rack; a marine vessel receiving and loading dock; and a six-spot rail receiving rack.
“Blackline’s deeply experienced operations management team combined with TSSP’s financial strength and experience position us to integrate Sea-3 into a strong, well-equipped midstream growth platform,” said Mike Day, CEO of Blackline Partners. “We will immediately commence the rail expansion project at Newington in order to position Sea-3 as the most flexible and reliable propane supply terminal in the Northeast United States. On a personal note, as a native of New England, it is a privilege to be able to invest in the people and infrastructure of New England that serve the energy needs of the region.”
“With the rail expansion project, we will be able to remain competitive under any market supply scenario,” added David Herr, vice president of marketing at Blackline. Herr will manage product commercial operations for Blackline Midstream. “All existing commercial agreements will be carried forward, and customers of the terminal will experience a seamless transition following the acquisition.”
(SOURCE: The Weekly Propane Newsletter, November 20, 2017)
The joint venture has acquired Sea-3 Inc., owner of a New England propane storage and distribution terminal in Newington, N.H., from Trammo Inc. (Houston). Trammo’s team, previously dedicated to Sea-3 operations, has joined Blackline Midstream and will operate from the joint venture’s Houston office. Noted is that Sea-3 has an approved upgrade project for Newington that will significantly increase rail unloading capacity at the terminal, providing it access to both domestic and international markets. Newington currently includes 530,000 bbl of propane storage; a five-lane, 24/7 truck loading rack; a marine vessel receiving and loading dock; and a six-spot rail receiving rack.
“Blackline’s deeply experienced operations management team combined with TSSP’s financial strength and experience position us to integrate Sea-3 into a strong, well-equipped midstream growth platform,” said Mike Day, CEO of Blackline Partners. “We will immediately commence the rail expansion project at Newington in order to position Sea-3 as the most flexible and reliable propane supply terminal in the Northeast United States. On a personal note, as a native of New England, it is a privilege to be able to invest in the people and infrastructure of New England that serve the energy needs of the region.”
“With the rail expansion project, we will be able to remain competitive under any market supply scenario,” added David Herr, vice president of marketing at Blackline. Herr will manage product commercial operations for Blackline Midstream. “All existing commercial agreements will be carried forward, and customers of the terminal will experience a seamless transition following the acquisition.”
(SOURCE: The Weekly Propane Newsletter, November 20, 2017)
