By Tyler Losier, Energy Reporter, Oil & Gas 360

Riverstone Credit-backed company adds 6.5 million barrels of crude storage capacity
Converge Midstream LLC, a crude oil storage and transportation company backed by Riverstone Credit Partners, has completed the acquisition of assets being sold off by Fairway Energy Partners, LLC as part of its chapter 11 restructuring.

Fairway, after filing a voluntary petition for relief under chapter 11 on November 26 of last year, launched a court-supervised 363 sales process that attracted the attention of bidders such as ExxonMobil Pipeline Company, Magellan Crude Oil Pipeline Company, and Sullivan Brothers Investments.

Source: Converge Midstream

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