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Sun Nov 10, 2013, 10:04 AM

NuStar to be released from crude contract

http://www.mysanantonio.com/business/local/article/NuStar-to-be-released-from-crude-contract-4968776.php

NuStar to be released from crude contract
By Vicki Vaughan : November 8, 2013 : Updated: November 8, 2013 8:02pm

San Antonio — NuStar Energy LP said Friday it has come to an agreement with Petróleos de Venezuela to end its crude-oil supply agreement Jan. 1, ahead of the original termination date of March 2015.

Locally based NuStar signed the original contract with state oil company Petróleos de Venezuela in 2008 to supply the two East Coast asphalt refineries that NuStar purchased that year from Venezuela's CITGO Asphalt Refining Co.

In September 2012, NuStar spun off its asphalt refining operations into a joint venture, selling a 50 percent stake in the asphalt operations to New York-based Lindsay Goldberg LLC.

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NuStar has been refocusing its portfolio to divest its margin-based businesses, including asphalt and oil refining, and concentrate on its more stable, fee-based business of pipelines, storage and terminals.

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