Williams in terminals deal

Williams Energy Ventures says it has bought Conoco Inc's 45.5 per cent interest in eight petroleum products terminals in the southeast United States.

Neither company disclosed the price of the transaction. Analysts placed the purchase price at about US$100 million. The terminals have a collective capacity of 1.5 million barrels and receive product from Gulf Coast refineries via the Colonial and Plantation pipelines.

The terminals are in Virginia, North Carolina, South Carolina, Georgia and Tennessee. Murphy Oil USA and TOC Terminals, a subsidiary of Stratus Petroleum Corp, own 20.5 per cent and 34 per cent of the terminals respectively.