Converge completes takeover of Fairway assets

Crude oil storage and transportation company Converge Midstream has completed the acquisition of the assets belonging to Fairway Energy Partners which filed for bankruptcy in November 2018.

The assets include:

• 6.5 million barrels of crude oil storage capacity (with the ability to grow to 19 million barrels) on the Pierce Junction Salt Dome located at the city-gate entrance to the Houston Ship Channel;
• Dual 24" bi-directional pipelines running between Genoa and Speed Junctions with potential connectivity to the Houston Ship Channel and other major export terminals; and
• Right-of-way agreements and other assets forming the footprint of an integrated crude oil terminal poised to service the Houston area export markets.