CVR Refining Announces Intent to Sell Cushing Tank Farm Assets

Source Press Release
Company CVR Refining, LP 
Tags Asset Deals, Deals, Refining & Marketing Activities
Date September 17, 2018

CVR Refining, LP (NYSE: CVRR), a refiner and marketer of petroleum fuels, today announced that it intends to sell its Cushing, Oklahoma, crude oil tank farm and currently is entertaining bids from potential purchasers. The 1.5-million-barrel crude oilstorage facility sits on approximately 130 acres and includes six storage tanks, each with the capacity to hold 250,000 barrels of crude oil. The property has sufficient acreage for approximately 12 additional tanks of similar size. The assets for sale include a truck unloading facility with one Lease Automatic Custody Transfer unit and four 400-barrel tanks.

CVR Refining’s Cushing tank farm provides ample connectivity to other Cushing terminals and pipelines. Located in central Oklahoma, Cushing is a major trading hub for crude oil and the delivery point for West Texas Intermediate crude oil, which is traded on the New York Mercantile Exchange.

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