Funds managed by downtown-based alternative investment firm Oaktree Capital Management and New York-based Hartree Partners agreed to invest up to $735 million to form a bulk liquids storage company.
The new energy supply chain company, Hartree Bulk Storage, will be headquartered in New York and capitalize on global demand for bulk liquids storage infrastructure via mergers and acquisitions, partnerships and greenfield projects.
Hartree Bulk Storage will work with refiners, petrochemical manufacturers, marketers and producers of crude oil, refined products, natural gas liquids and other bulk liquids.
“Oaktree is very pleased to expand our partnership with Hartree,” said Rajath Shourie, managing director at Oaktree.
Hartree and Oaktree, which had $124 billion in assets under management as of Sept. 30, 2018, formed their initial partnership in early 2015, when Oaktree funds bought Hess Corp.’s stake in Hess Energy Trading Co.
Finance reporter Pat Maio can be reached at firstname.lastname@example.org or (323) 556-8329.
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