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Lotus Midstream LLC, a newly formed Sugar Land, Texas-based crude oil logistics provider, has brought in $400 million in initial capital from EnCap Flatrock Midstream and the Lotus management team, according to a Tuesday statement.
Formed earlier this year, Lotus Midstream is focused on the organic development of midstream infrastructure and services necessary to transport crude oil and condensate from the wellhead to market, including crude gathering, transportation and storage. The company is also planning to pursue acquisition opportunities, according to a statement.
Prior to launching Lotus Midstream, the three founding partners worked together for five years as members of the business development team at Sunoco Logistics Partners LP, which is now known as Energy Transfer Partners LP.
Lotus Midstream was advised by former Sunoco Logistics general counsel Kathleen Shea-Ballay. Matthew Falcone along with Vinson & Elkins LLP’s Houston office also provided legal counsel to Lotus Midstream.
EnCap Flatrock Midstream was advised by Thompson & Knight LLP, with partner Sarah McLean leading the team from the firm’s Houston office.