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KKR provides capital for Torq Energy's crude-by-rail strategy

Torq Energy Logistics Ltd. recently entered into an agreement with global investment firm KKR & Co. L.P. to provide $250 million to help fund Torq Energy's capital program and acquisition strategy.

Founded in 2011, Torq Energy provides transportation services for producers seeking to transport crude oil by rail in western Canada. The company operates six transload terminals and provides crude handling and transportation services from oil wells to rail loading locations. Torq Energy established a network of terminals in partnership with several railroads.

Subject to customary closing conditions and regulatory approvals, the KKR transaction is expected to close sometime this month.

"Today is an extremely active and exciting time to be in the energy logistics space. New technologies continue to unlock oil and gas reserves previously deemed uneconomic," said Torq Energy President and Chief Executive Officer Jarrett Zielinski in a press release. "The unexpected increase in energy production is reshaping the landscape of how we move energy from wellhead to market."

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More News from 1/2/2014