Hess to sell storage terminal network to Buckeye for $850 mln

Reuters

NEW YORK, Oct 9 (Reuters) - Hess Corp sold itsstorage terminal network to Buckeye Partners LP for $850million as the U.S. oil and gas company works to reshape itssprawling energy business.

Buckeye will acquire 20 liquid petroleum products terminalswith total storage capacity of about 39 million barrels, thecompanies said on Wednesday. All of the terminals are locatedalong the U.S. East Coast, except for Hess' Santa Lucia terminalin the Caribbean, which has a capacity of about 10 millionbarrels of crude oil and refined petroleum products.

Hess has been selling off assets due in part to efforts byactivist investor Elliott Management's to shake up the company.The company said it has sold assets worth $5.4 billion so farthis year.

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