NEW YORK, Oct 9 (Reuters) - Hess Corp sold its storage terminal network to Buckeye Partners LP for $850 million as the U.S. oil and gas company works to reshape its sprawling energy business.
Buckeye will acquire 20 liquid petroleum products terminals with total storage capacity of about 39 million barrels, the companies said on Wednesday. All of the terminals are located along the U.S. East Coast, except for Hess’ Santa Lucia terminal in the Caribbean, which has a capacity of about 10 million barrels of crude oil and refined petroleum products.
Hess has been selling off assets due in part to efforts by activist investor Elliott Management’s to shake up the company. The company said it has sold assets worth $5.4 billion so far this year.