Inter Pipeline Ltd. announced that its European storage subsidiary, Inter Terminals Ltd., has successfully closed the acquisition of NuStar Energy, L.P.’s European bulk liquid storage business (“NuStar Europe”) for cash consideration of USD$270 million, subject to closing adjustments.

The acquisition increases Inter Terminals storage capacity by 9.1 million barrels, or 33 percent, to approximately 37 million barrels. Historically, NuStar Europe has generated stable cash flow underpinned by cost-of-service and fee-based contracts with a diverse range of customers.

The acquisition was funded by the net proceeds from a $200 million common share issuance that closed on November 7, 2018 and capacity available on Inter Pipeline’s revolving credit facility.

About Inter Pipeline Ltd.

Inter Pipeline (TSX: IPL) is a major petroleum transportation, natural gas liquids processing, and bulk liquid storage business based in Calgary, Alberta, Canada. Inter Pipeline owns and operates energy infrastructure assets in western Canada and Europe. Inter Pipeline is a member of the S&P/TSX 60 Index and its common shares trade on the Toronto Stock Exchange under the symbol IPL.

About NuStar Energy L.P.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has more than 9,700 miles of pipeline and 82 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids. The partnership’s combined system has more than 97 million barrels of storage capacity, and NuStar has operations in the United States, Canada, Mexico, the Netherlands, including St. Eustatius in the Caribbean, and the United Kingdom.