CVR Energy Inc., Sugar Land, Texas, reports that it has engaged BofA Merrill Lynch as its financial advisor to assist it in evaluating potential strategic alternatives, including a potential sale. The energy firm owns 34 percent of nitrogen producer CVR Partners LP, which has plants in Coffeyville, Kan., and East Dubuque, Ill. CVR Energy said it intends to evaluate alternatives in combination with its ongoing focus on accomplishing its strategic objectives, prudently managing costs and operating its businesses safely and reliably.
CVR Energy also announced that a subsidiary has entered into a definitive agreement for the sale of its 1.5-million-barrel Cushing, Okla., crude oil terminal and related assets to an affiliate of Plains All American Pipeline LP for total consideration of approximately $36 million, and concurrently closed the transaction.
Junior miner Gensource Potash Corp., Saskatoon, said May 22 that it has entered into nonbinding Memoranda of Understanding (MOU) with a large and well-respected international fertilizer manufacturing and distribution company to form a joint venture company to develop the Maverick Project within the Vanguard area in Saskatchewan. The jv will construct, own and operate the potash production facility. The Maverick project is being developed alongside the company’s other project, Vanguard One, within the Vanguard area. The parties to the Maverick project have reached an agreement in principal on offtake amount 250,000 mt/y for ten years, equity contribution and jv operating structure.
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