By Bevo Beaven, Editor, Oil & Gas 360

Martin Midstream Partners L.P. (stock ticker: MMLP) has entered into a definitive agreement with Hartree Cardinal Gas, LLC, a subsidiary of Hartree Bulk Storage LLC, to sell its membership interests in Arcadia Gas Storage, LLC, Cadeville Gas Storage LLC, Monroe Gas Storage, LLC and Perryville Gas Storage LLC for $215.0 million in cash.

Martin CEO Ruben Martin said the sale was “part of the partnership’s strategy to strengthen the balance sheet and re-focus our operational expertise on the refinery services industry.”

The assets consist of approximately 50 billion cubic feet of working capacity located in northern Louisiana and Mississippi.

The companies expect to close the deal around the end of the second quarter, subject to customary closing conditions.

Hartree Bulk Storage LLC is funded by Hartree Partners L.P. and funds managed by Oaktree Capital Management L.P. Hartree Bulk Storage said it focuses on energy and commodity infrastructure assets via mergers and acquisitions, greenfield projects and joint venture partnerships.

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