In a move that transitions Blueknight Energy Partners LP into a pure-play, downstream terminalling business, the Tulsa, OK-based company via three separate transactions has agreed to sell its crude oil terminalling, pipeline and trucking business segments for about $162 million in cash, including estimated crude oil linefill and inventory.

Blueknight

“This announcement represents a significant milestone as we transition Blueknight away from traditional oil and gas operations into a pure-play, downstream terminalling business focused on infrastructure and transportation end markets,” said CEO Andrew Woodward.

Under the largest deal, Blueknight would sell its crude oil terminalling segment to Enbridge Inc. for $132 million. The transaction, expected to close in February, is subject to...