Convent Coal Export Terminal Sells For $412M
CONVENT, LA (AP) — SunCoke Energy Partners LP will expand into handling coal exports with the $412 million acquisition of Convent Marine Terminal, one of the Gulf Coast's largest export facilities.
The Advocate reports the terminal can export up to 10 million tons of coal per year, and almost all of the facility's capacity is taken up by long-term contracts. The facility has improved its efficiency with a recently completed $100 million revamp, and SunCoke expects to up the export capacity to 15 million tons through an additional $20 million investment that includes a new ship loader.
SunCoke Chief Executive Officer Fritz Henderson called the acquisition a compelling strategic fit to the company's coal logistics business.
SunCoke expects to complete the deal with Raven Energy Holdings LLC by Sept. 1.