23 – 25 May 2022 | Rotterdam Ahoy

Enterprise buys Navitas Midstream for US$3.25 billion

US midstream company Enterprise Products Partners has bought Navitas Midstream Partners for US$3.25 billion (€2.87 billion) from an affiliate of private equity firm Warburg Pincus.

Navitas provides natural gas gathering, treating and processing services in the Midland Basion of the Permian in the US. It has 1,750 miles (c2,816 km) of pipelines and once the Leikner plant is completed, expected in Q1 2022, over 1 billion cfd of cryogenic natural gas processing capacity.

‘The Navitas management team has developed a premier system in the heart of the Midland Basin. The Delaware and Midland Basins are the two most attractive regions in the U.S. in terms of crude oil, natural gas and NGL reserves with each having up to nine geologic horizons. We do not have a natural gas or NGL presence in the Midland Basin other than downstream pipelines. This acquisition will give us an entry point into the basin,’ says Jim Teague, co-CEO of Enterprise’s general partner.

See more here.

Source: tankstoragemag.com

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