Indianapolis-based Calumet Specialty Products Partners LP (Nasdaq: CLMT) says it has reached a multi-year lease agreement with an Oklahoma company. The deal with Frontier Terminal LLC involves supplying and marketing asphalt products from a distribution terminal.
February 4, 2014
Indianapolis, Ind. — Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (“Calumet” or the “Partnership”), a leading independent producer of specialty hydrocarbon and fuels products, today announced a multi-year agreement with Frontier Terminal, LLC (“Frontier”) to lease a 348,000 barrel liquid asphalt distribution terminal in Muskogee, Oklahoma (“Muskogee Terminal”). The agreement became effective on January 1, 2014.
Calumet will supply and market a wide range of premium asphalt products produced by its Northern refining system through the Muskogee Terminal. During the first quarter 2014, Calumet will begin marketing its asphalt products to customers in Arkansas, Missouri, Kansas and Oklahoma.
“We continue to identify opportunities to expand the distribution of our premium asphalt products in both new and existing markets,” stated Jennifer Straumins, President and COO of Calumet Specialty Products Partners, L.P. “Through the Muskogee Terminal, Calumet will seek to establish itself as a key asphalt supplier in several Mid-Continent markets where, historically, we have not actively marketed product. Looking ahead, we expect that this agreement, together with the multi-year asphalt marketing agreement we announced with All States Asphalt, Inc. in January 2014, should help facilitate an expansion of our addressable markets and asphalt customer base.”
About Calumet Specialty Products Partners, L.P.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) is a master limited partnership and a leading independent producer of high-quality, specialty hydrocarbon products in North America. Calumet processes crude oil and other feedstocks into customized lubricating oils, solvents and waxes used in consumer, industrial and automotive products. Calumet also produces fuel products including gasoline, diesel and jet fuel. Calumet is based in Indianapolis, Indiana and has twelve facilities located in northwest Louisiana, northwest Wisconsin, northern Montana, western Pennsylvania, Texas, New Jersey and eastern Missouri.
Source: Calumet Specialty Products Partners LP