Document:

<PAGE>
                                                                   EXHIBIT 10(e)

                         PRODUCTS TERMINALLING AGREEMENT

THIS PRODUCTS TERMINALLING AGREEMENT ("AGREEMENT"), EXECUTED ON THE 1ST DAY OF
NOVEMBER, 2001, IS MADE BETWEEN WILLIAMS TERMINALS HOLDINGS, L.P., A DELAWARE
LIMITED PARTNERSHIP, WHOSE ADDRESS IS P.O. BOX 3448, MD 720-A, TULSA, OKLAHOMA
74101 ("WILLIAMS") AND WILLIAMS ENERGY MARKETING & TRADING COMPANY A DELAWARE
CORPORATION, WHOSE ADDRESS IS ONE WILLIAMS CENTER, TULSA, OKLAHOMA 74172
("CUSTOMER"). IN ACCORDANCE WITH THIS AGREEMENT, WILLIAMS DESIRES TO PROVIDE
CERTAIN SERVICES TO CUSTOMER AT ITS TERMINAL, AND CUSTOMER DESIRES TO UTILIZE
SUCH FACILITIES TO RECEIVE SERVICES, ALL AS SET FORTH BELOW. ACCORDINGLY, THE
PARTIES AGREE AS FOLLOWS:

1.   AGREEMENT. Each person and party signing this Agreement represents that it
     has full power and authority to enter into and perform this Agreement, that
     the signing and delivery of this Agreement has been duly authorized by all
     necessary corporate action of such party, and that this Agreement
     constitutes the valid and binding obligation of such party. This Agreement
     will only be binding when signed below by both of the parties.

2.   DEFINITIONS. In addition to the definitions provided elsewhere in this
     Agreement, the following definitions will apply:

     "ADJUSTED TRANSPORTATION CAPACITY" means the actual amount of
     Transportation Capacity provided hereunder, calculated using a
     Transportation Capacity base rate of, for the first three (3) calendar
     months of this Agreement, 40,500 bbl per day and, for the remainder of the
     term of this Agreement, 54,000 bbl per day.

     "AFFILIATE" means any entity which directly or indirectly controls, is
     controlled by, or is under a common control with a party. The term
     "control" (including the terms "controlled by" and "under common control
     with") as used in the preceding sentence means the possession, directly or
     indirectly, of the power to direct or cause the direction of management and
     policies of an entity.

     "BARREL" or "BBL" means 42 U.S. Gallons.

     "BERTHING" means the actions performed by Williams necessary to effect a
     Delivery by Marine Vessel that occur during the time period beginning when
     the Marine Vessel ceases motion alongside any Terminal dock and ending when
     Product is first capable of passing the fixed dock flange.

     "BLEND" or "BLENDING" means the mixing together of Products with different
     specifications to achieve a resultant Product with certain desired
     specifications.

     "CATASTROPHIC EVENT" shall mean the reduction of Transportation Capacity to
     25,000 bbls per day or less for more than thirty (30) days.

     "CONTRACT YEAR" means a twelve-month period beginning on the effective date
     of this Agreement and each subsequent twelve-month period beginning on the
     anniversary date of this Agreement during the term of this Agreement.

     "DELIVERY" or "DELIVERIES" means the transfer of Product from a Marine
     Vessel, truck or pipeline into the Terminal.

     "GALLON" means a volume of 231 cubic inches of Product measured at a
     temperature of 60 degrees Fahrenheit.

     "LAW" means any and all laws, regulations, rules, ordinances, codes, orders
     and decrees affecting this Agreement of any local, state, federal
     governmental authority having jurisdiction.

     "LOSS ALLOWANCE" means that amount of Product as set forth in Section 27.

     "MARINE VESSEL" means any type of barge, tug or other waterborne craft.

     "NEW WASTE" means any amount of Waste a) present in the tanks at the
     Terminal in excess of Pre-Existing Waste, or b) in any tank after it shall
     have been previously cleaned during the term of this Agreement.

     "PIPELINE SPECIFICATIONS" means the specifications for Product of Ship
     Shoal Pipeline, including but not limited to sulphur content and API
     gravity.

     "PRE-EXISTING WASTE" means the amount of Waste present in the tanks at the
     Terminal as measured by Williams and Customer within thirty (30) days of
     the execution of this Agreement, set forth in Exhibit "B".

     "PRODUCT" means crude oil and condensate.

     "PROPERTY" means that parcel of land specifically described in Exhibit "A".

     "RECEIPT" or "RECEIVE" means the transfer of Product out of the Terminal
     into truck, pipeline, or another terminal.

                                       1
<PAGE>

     "SERVICES" means those services described in Section 3 of this Agreement,
     the use of any other facilities and any other services necessary to meet
     Williams' obligations hereunder.

     "SERVICES FEES" means the rates set forth in Section 8, below.

     "SERVICES OPTION" means the first right of refusal granted hereunder to
     Customer to use any Surplus Transportation Capacity.

     "SERVICES OPTION FEES" means the rates set forth in Section 9, below.

     "SHIP SHOAL PIPELINE" shall mean Ship Shoal Pipeline Company or its
     successor.

     "STORAGE CAPACITY" means the physical volume in which Product can be held
     within the tanks at the Terminal, which tanks shall include the two (2)
     tanks of 8,000 bbl nominal capacity and the one (1) tank of 30,000 bbl
     nominal capacity currently at the Terminal.

     "SURPLUS TRANSPORTATION CAPACITY" means any amount of daily Transportation
     Capacity in excess of 60,000 bbl per day that may exist at any time at the
     Terminal or on the Property.

     "TERMINAL" means the Williams crude oil terminal located adjacent to Bayou
     Black in Terrebonne Parish, Louisiana, including tanks, pipelines, docks,
     other facilities comprising it and any other facilities that Williams shall
     deem necessary to fulfill its obligations hereunder.

     "TRANSPORT" or "TRANSPORTATION" means the physical movement of Product from
     the Delivery point to the Receipt point, including any actions required to
     be performed by Williams necessary to meet Customer's Blending
     requirements.

     "TRANSPORTATION CAPACITY" means that rate at which Williams is able to
     Transport through the Terminal as more specifically set forth in Section 3
     of this Agreement.

     "VACATING" means the actions performed by Williams necessary to undock a
     Marine Vessel that occur during the time period beginning when Product
     ceases passing the fixed dock pipeline flange and ending when the Marine
     Vessel is capable of leaving the dock.

     "WASTE" means any tank bottom, tank heel, water, sludge, sediment,
     particulate, or other residual matter present in the tanks at any time at
     the Terminal.

3.   SERVICES PROVIDED BY WILLIAMS. Williams agrees to provide the Services
     described below at its Terminal. Williams agrees to provide the amount of
     such Services as set forth in this Section 3, twenty-four (24) hours a day,
     seven (7) days a week, 365 days per year, except where indicated otherwise
     in this Agreement. Williams shall provide Customer with prior notice of any
     planned Service capacity reduction as soon as possible, but in no case less
     than 48 hours prior notice. For an unplanned Service capacity reduction,
     Williams shall provide Customer with notice as soon as reasonably possible,
     but in any event within 24 hours of such outage.

          A.   DELIVERIES: Williams shall receive all Customer Deliveries
               subject only to the limitations of the facilities and equipment
               within the Terminal, except that the combined time for Williams
               to Berth and Vacate any Marine Vessel shall not exceed two (2)
               hours. In the event that any time required for the measurement of
               Product quality by Customer or its inspector, such time will be
               excluded from the calculation of time required for Williams to
               Berth and Vacate any Marine Vessel.

          B.   STORAGE: Williams shall provide Customer Product storage capacity
               at the full amount of Williams' Storage Capacity at any time. At
               the time this Agreement is executed the amount of Storage
               Capacity to be provided Customer by Williams at any time shall be
               no less than 46,000 bbl.

          C.   BLENDING: Williams shall Blend Product for the benefit of
               Customer in accordance with Customer's instructions, which
               Williams may require to be in writing, and which are subject to
               change at any time. At the time of this Agreement Williams shall
               have the capability of Blending Customer's Product at the rate of
               no less than 1,000 bbl per hour of sour crude with no less than
               1,500 bbl per hour of sweet crude. Williams' responsibilities set
               forth in this Section 3 are qualified by Customer having provided
               adequate volumes of Product Blend stocks to Williams.

          D.   TRANSPORTATION: Williams agrees to Transport Product from the
               Terminal into the Ship Shoal Pipeline according to the schedule
               provided by Customer. For the first three (3) calendar months of
               this Agreement, Williams shall provide Transportation Capacity at
               the rate of no less than 45,000 bbl per day. For the remainder of
               the term of this Agreement, Williams shall provide Transportation
               Capacity at the rate of no less than 60,000 bbl per day.
               Williams' responsibilities set forth in this Section 4 are
               qualified by Customer having scheduled Deliveries and Receipts as
               may be necessary to accommodate Customer's Transportation
               instructions. Any penalties or disruptions on the Ship Shoal
               Pipeline related to Product quality shall be the responsibility
               of the party at fault.

4.   WILLIAMS' SERVICE COMMITMENT. Williams shall meet all Service performance
     standards set forth in Section 3, above. In the event the Terminal
     experiences Service capacity reduction associated with any of the
     facilities set forth below, the duration of Service capacity reduction of
     each facility experiencing a reduction shall be measured to the nearest
     quarter hour, sufficiently documented and presented to Customer for
     approval monthly as set forth in Section 17. For the first three (3)
     calendar months of this Agreement, all such time measurements shall be
     converted to a Transportation Capacity reduction according to the standard
     rates set forth in Section 4(a), below and in accordance with the
     calculation rules set forth in Subsection 4(c), below. For the remaining
     term, the standard rates set forth in Section 4(b), below and the
     calculation rules set forth in Section 4(c), below, shall be used.

                                       2
<PAGE>
          a. STANDARD RATES FOR THE FIRST THREE (3) CALENDAR MONTHS:

               1.   Tank 8000: 307 bbl per hour
               2.   Tank 8001: 307 bbl per hour
               3.   Tank 8002: 1,074 bbl per hour
               4.   Main Pump: 1,688 bbl per hour
               5.   8" Pipeline: 1,688 bbl per hour
               6.   Large Dock: 844 bbl per hour
               7.   Small Dock: 844 bbl per hour
               8.   Berthing and Vacating - Large Dock: 844 bbl per hour
               9.   Berthing and Vacating - Small Dock: 844 bbl per hour
               10.  Ship Shoal Pipeline: 1,688 bbl per hour

          b. STANDARD RATES FOR THE REMAINING TERM:

                    1.   Tank 8000: 409 bbl per hour
                    2.   Tank 8001: 409 bbl per hour
                    3.   Tank 8002: 1,432 bbl per hour
                    4.   Main Pump: 2,250 bbl per hour
                    5.   8" Pipeline: 1,688 bbl per hour
                    6.   6" Pipeline: 562 bbl per hour
                    7.   Large Dock: 1,125 bbl per hour
                    8.   Small Dock: 1,125 bbl per hour
                    9.   Berthing and Vacating - Large Dock: 1,125 bbl per hour
                    10.  Berthing and Vacating - Small Dock: 1,125 bbl per hour
                    11.  Ship Shoal Pipeline: 2,250 bbl per hour

          c. CALCULATION RULES:

               1.   In no case shall the standard rate used to calculate a
                    Transportation Capacity reduction exceed a) 1,688 bbl per
                    hour during the first three (3) calendar months, or b) 2,250
                    bbl per hour for the remaining term.
               2.   In the event that two or more of the facilities set forth
                    above are experiencing Service capacity reductions at the
                    same time the highest standard rate of such facilities shall
                    be used to calculate a Transportation Capacity reduction,
                    except as set forth in Calculation Rule 3.
               3.   Notwithstanding anything to the contrary contained in this
                    Section 4, if a) both the Large Dock and the Small Dock are
                    unable to receive Marine Vessels during the same period of
                    time, b) both the 8" pipeline and the 6" pipeline (after the
                    first three (3) calendar months) are unable to move Product
                    during the same period of time, c) two Marine Vessels are
                    experiencing a Transportation Capacity reduction while
                    Berthing and Vacating, or d) two or more tanks are
                    experiencing a Transportation Capacity reduction during the
                    same period of time, then the sum of the standard rates for
                    such facilities shall be used to calculate a Transportation
                    Capacity reduction.
               4.   Should Williams exceed two (2) hours to Berth and Vacate a
                    Marine Vessel then the Transportation Capacity reduction
                    shall be calculated using the standard rate for Berthing and
                    Vacating set forth above and applied as a Transportation
                    Capacity reduction.
               5.   Should Williams Berth and Vacate a Marine Vessel in less
                    than one and a half (1.5) hours, then an off-set shall be
                    calculated using the standard rate for Berthing and Vacating
                    set forth above and applied against any Transportation
                    Capacity reductions set forth in this Section 4. Any such
                    Berthing and Vacating off-set shall be limited to no more
                    than 270,000 bbls in any six (6) month period.

     CONVERSION EXAMPLES:

     o    If the Storage capacity of Tank 8000 is reduced for three (3) hours,
          the amount of Transportation Capacity reduction shall be calculated as
          1,227 bbl (3 hours x 409 bbl per hour).

     o    If the Storage capacity of Tank 8000 was reduced for six (6) hours and
          the Large Dock was unable to receive Marine Vessels for three (3)
          hours during the same time period, the total amount of Transportation
          Capacity reduction would be 4,602 bbl calculated in the following
          manner:

              (a)  The Storage capacity of Tank 8000 is reduced for three (3)
                   hours alone, therefore, the amount of Transportation Capacity
                   reduction during this three (3) hour time period shall be
                   calculated as 1,227 bbl (3 hours x 409 bbl per hour).

              (b)  Because the Storage capacity of Tank 8000 and the ability of
                   the Large Dock to receive Marine Vessels were both reduced
                   during the same three (3) time period, the rate used to
                   calculate the Transportation Capacity reduction would be the
                   higher of the rates for the two (2) facilities, therefore,
                   the amount of Transportation Capacity reduction for this
                   three (3) hour period of time is 3,375 (3 hours x 1,125 bbl
                   per hour).

     o    If both the Large Dock and the Small Dock are unable to receive Marine
          Vessels during the same three (3) hour time period, the total amount
          of Transportation Capacity reduction would be 6,750 bbl (3 hours x
          2,250 bbl per hour).

                                       3
<PAGE>

         o        If Williams requires three (3) hours to Berth and Vacate a
                  Marine Vessel the total amount of Transportation Capacity
                  reduction would be 1,125 bbl (1 hour x 1,125 bbl per hour).

         o        If Williams should Berth and Vacate a Marine Vessel in one (1)
                  hour the total amount of Transportation Capacity offset shall
                  be 563 bbl (0.5 hours x 1,125).

5. TRUE UP. As set forth below, beginning with the month this Agreement is
executed, the parties shall make periodic adjustments to the payment set forth
in Section 8 below, based on the amount, if any, of Transportation Capacity
reductions which exceed the standard set forth in Section 6 below. After having
performed any such periodic true up and calculation of applicable liquidated
damages, the parties shall begin a new Transportation Capacity reduction
calculation the following period. The parties shall perform a true up at the end
of each six (6) calendar month period.

6. LIQUIDATED DAMAGES. At the time of first six (6) calendar month true-up
period, should the sum of all Transportation Capacity reduction amounts
(including all applicable off-sets) calculated during such period exceed 958,125
bbl, then Williams shall credit Customer for Services Fees payments at the rate
of $0.2386 per barrel for such Transportation Capacity reduction amount in
excess of 958,125 bbl. At the time of any subsequent six (6) calendar month
true-up, should the sum of all Transportation Capacity reduction amounts
(including all applicable off-sets) calculated during such period exceed
1,095,000 bbl, then Williams shall credit Customer for Services Fees payments at
the rate of $0.2045 per barrel for such Transportation Capacity reduction amount
in excess of 1,095,000 bbl. All such liquidated damages shall be subject to the
annual escalation set forth in Section 17. The credit provided by this Section
will be Williams' sole liability and Customer's sole remedy for Williams'
failure to meet the service performance standards specified in Sections 3 and 4
of this Agreement; however, this limitation shall not apply to loss of Product.

7. CUSTOMER RESPONSIBILITIES. Customer shall be responsible for nominating,
scheduling and effecting both Deliveries and Receipts. The parties expressly
recognize that the actual amount of Services provided during any time period is
determined in part by the timing and amounts of such Deliveries and Receipts.

8. SERVICES FEES. Customer shall pay $0.2386 per bbl of Adjusted Transportation
Capacity during the first six (6) calendar months, and $0.2045 per barrel of
Adjusted Transportation Capacity during the remaining term, subject to a maximum
payment of $4,031,583 in any one (1) year period, subject to the adjustments set
forth in Section 5, above, and in accordance with the payment terms set forth in
Section 17, including annual escalation.

9. SERVICES OPTION FEES. Williams shall not offer any Surplus Transportation
Capacity to any third party under any terms and conditions without first having
offered such Surplus Transportation Capacity to Customer under terms and
conditions no less favorable than those set forth herein. In addition to the
Services Fees set forth in Section 8 above, if at any time Williams should have
available and/or create Surplus Transportation Capacity, and Customer should
elect to Transport using some amount of such Surplus Transportation Capacity,
then for any barrels transported by Customer in using such Surplus
Transportation Capacity, Customer shall have the right to use any such Surplus
Transportation Capacity at rates not to exceed the Services Option Fees set
forth below, subject to the annual escalation set forth in Section 17.

        a.       60,001 bbl - 65,000 bbl:  $0.0200 per excess bbl.
        b.       65,001 bbl - 70,000 bbl:  $0.0300 per excess bbl.
        c.       70,001 bbl and greater:   $0.0500 per excess bbl.

10. TERMINAL OPERATIONS. Control and operation of the Terminal will rest
exclusively with Williams, which will comply with and provide all certifications
required by Law applicable to the ownership, control and operation of the
Terminal. Williams shall be an independent contractor with respect to the
performance of the Services, and Customer shall have no direction or control of
Williams or its employees, agents, or other representatives except in the
results to be obtained. Customer will have the right to make physical checks of
Product in Williams' custody and to observe the performance of the Services
provided hereunder. However, this right may not be exercised in a manner that
interferes with Williams' operation or control of the Terminal.

11. DELIVERIES TO AND RECEIPTS FROM THE TERMINAL. All Deliveries to Williams and
Receipts by the Customer will be at the Terminal by the Delivery and Receipt
means set forth in this Agreement. Additionally, Deliveries by Marine Vessel
will be made in accordance with the following:

     A. MARINE VESSEL SCHEDULING. Customer will be responsible for scheduling
deliveries of Product by Marine Vessel to the Terminal. Customer will
communicate with the Terminal to determine which dock is available prior to the
arrival of any Marine Vessel scheduled. Williams reserves the right, in its sole
discretion, to refuse to allow any Marine Vessel to dock at the Terminal to
protect the safety of the Terminal, its personnel, or the environment.

     B. VACATING BERTH. Williams may order any Marine Vessel chartered,
contracted or nominated by Customer to vacate its berth if such action is
required, in Williams' sole discretion, for the safe operation of the Terminal.

     C. POLLUTION, PREVENTION AND RESPONSIBILITY. Customer will insofar as it is
able under the terms of any applicable charter party Agreement require that
Marine Vessels chartered, contracted or nominated by Customer promptly and
diligently prevent, mitigate and remediate all pollution emanating from said
Marine Vessels. All Marine Vessels chartered, contracted or nominated by
Customer hereunder will have secured and carry a current U.S. Coast Guard
Certificate of Financial Responsibility (Water Pollution).

     D. LAYTIME AND DEMURRAGE. IN NO EVENT WILL WILLIAMS HAVE ANY LIABILITY TO
CUSTOMER FOR LAYTIME OR DEMURRAGE.

                                       4
<PAGE>

12. MEASUREMENT AND TESTING. Williams shall measure quantities of Deliveries and
Receipts using Terminal tank gauges. Customer shall the right to have an
independent inspector to observe and verify such quantity measurements. The cost
of an independent inspector shall be borne by Customer. In the absence of any
measurements by an independent inspector, the results of the tests and
measurements made by Williams will be conclusive and binding on Customer, except
in the event of fraud or manifest error.

Williams shall have the right to test the quality of the Product. Any tests for
quality will be made in accordance with established ASTM standards and methods,
except to the extent such standards and methods conflict with applicable
governmental standards and methods. In the event of such conflict, governmental
standards and methods will control. Customer shall have the right to verify any
tests for quality conducted by Williams. Such verification shall be performed by
a mutually acceptable independent inspector. In the event of a dispute between
Williams and Customer regarding the quality of Product, the party deemed to be
in error shall pay for the cost of the inspector, including any laboratory
costs. In the absence of any tests by an independent inspector, the results of
the tests and measurements made by Williams will be conclusive and binding on
Customer, except in the event of fraud or manifest error.

Williams' obligation to make any delivery of Product to Customer will be
satisfied by delivering the volume of Product initially Delivered by Customer to
Terminal less the Loss Allowance set forth in this Agreement. Tank heel volume
will be put in place by Customer upon initial Delivery and be made available to
Customer within thirty (30) days of termination of this Agreement. In addition,
Customer will retain sufficient Product in the Terminal, in Williams' reasonable
opinion, to maintain minimum levels in Storage Capacity and pipelines, taking
into account the needs of pump suction and any floating roof tanks utilized.

13. QUALITY. Williams shall have the right to reject Delivery or conditionally
accept Delivery of any Product if Williams shall reasonably determine that such
Product contains chemicals or contaminants that may harm the Terminal. If any
product tendered for Delivery to the Terminal by Customer fails to meet this
specification, Williams may, at Williams' option, (a) reject the Product and
refuse to take Delivery; or (b) take Delivery of the Product and store it until
such time as Customer can remove the Product from the Terminal within a
reasonable period of time; or (c) take Delivery of the Product and store it
until such time as Williams can remove the Product from the Terminal at
Customer's cost.

14. PRODUCT RESPONSIBILITY. Title to Product will not pass to Williams. Williams
shall at all times use reasonable care and diligence to preserve and protect
Customer's Product from contamination, damage or loss while such Product is in
the Terminal. Williams shall not be responsible for any type of loss or damage
(including contamination) to Customer's Product caused by events beyond
Williams' control. For Deliveries to the Terminal, Customer will be responsible
for Product until it enters Williams' fixed dock flange, pipeline receiving
flange, or receiving hose, as the case may be. For Receipts from the Terminal,
Customer will be responsible for Product when it leaves Williams' fixed dock
flange, pipeline Receipt flange, or Receipt hose, as the case may be. In the
event Williams is deemed responsible for loss or damage to Product under this
Section 14, Williams shall be liable for damage or loss of Product under the
pricing formula as set forth in Section 27. If any Product is sold, exchanged,
or otherwise not owned by Customer while at the Terminal, Customer will
nevertheless be deemed the owner thereof for purposes of this Agreement.
Customer will continue to be responsible for all charges, taxes, terms and
conditions of this Agreement as if such Product were owned by Customer.

15. PRODUCT INFORMATION. Customer will sign in its name, pay for and furnish to
Williams at the Terminal all information, documents, labels, placards,
containers and other materials and data required under Law, together with
written instructions as to their use and disposition, except to the extent that
Williams as a terminal operator is obligated by Law to provide such information.
At Williams' request, Customer will provide Williams with a material safety data
sheet for each Product prior to Delivery of that Product to the Terminal.
Customer acknowledges that Williams may have an obligation under Law to disclose
information regarding Product to governmental authorities, parties handling the
Product, parties exposed to the Product, and to the general public, and Customer
promptly will provide Williams with any information required by Law for such
disclosures. Customer will prepare, file and maintain copies of all reports
required by Law to be filed with any federal, state or local governmental agency
concerning Delivery, Storage and Receipt of its Product, except to the extent
that Williams as a terminal operator is obligated by Law to prepare such
reports, and Customer promptly will transmit any such reports to Williams.

16. WASTE MEASUREMENT AND REMOVAL. Within thirty (30) days of the execution of
this Agreement, Williams and Customer shall hire an independent inspector to
measure the amount of Pre-Existing Waste. Williams and Customer will each be
responsible for the payment of 50% of the cost of measuring Pre-Existing Waste.
Results of the measurement of Pre-Existing Waste will be attached to this
Agreement as Exhibit "B". Williams may, from time to time at its reasonable
discretion or as required by Law, determine that it is necessary to remove Waste
and clean the tanks at the Terminal. Within fifteen (15) days of receiving
Williams notice, Williams and Customer shall hire an independent inspector to
measure the amount of Waste in the tanks at that time. Williams and Customer
will each be responsible for the payment of 50% of the cost of measuring the
Waste. The cost cleaning tanks will be borne by Williams. Williams will be
responsible for the cost of disposal of Pre-Existing Waste. Williams and
Customer will each be responsible for the payment of 50% of the cost of
measuring New Waste. Customer will be responsible for the cost of disposal of
New Waste.

17. INVOICING AND PAYMENT. Williams will invoice Customer monthly, in arrears,
for Services Fees or Service Option Fees (less adjustments for Loss Allowance
reimbursement and Transportation Capacity reductions as applicable) owed by
Customer to Williams under this Agreement. Such invoice shall be supported by an
statement that Williams shall also provide Customer monthly reporting in barrels
the beginning amount of Product at the Terminal, itemized detail of each
Delivery and Receipt, the ending amount of Product at the Terminal, the total
amount of product Transported during the month, the amount of Loss Allowance
generated during the month, the details of any Services Option Fees and all
applicable Transportation reduction calculation details. Customer will pay the
amount of each invoice by ACH credit less any amounts in dispute. Disputes about
the amount of an invoice will be resolved as set forth in Section 32. Customer
will be assessed a late charge of one and one-half percent (1.5%) interest per
month (or the highest rate permitted by Law, whichever is less) for any invoice
not paid within thirty (30) days of the date of the invoice, except for amounts
which are in dispute. Payments will be made in accordance with the instructions
provided by Williams from time to time. All charges under this Agreement are
subject to escalation at the rate of one percent (1%) per year. Escalation will
commence on the first anniversary of this Agreement. Williams' acceptance of
payment for any Service performed after the expiration or termination of this
Agreement will not be deemed a renewal of this Agreement.

                                       5
<PAGE>

18. AUDIT. Williams agrees to retain its books and records related to the
charges to Customer for Services provided under this Agreement for a period of
two (2) years from the date the Services are rendered. Customer may request to
audit these books and records at Williams' property during normal Business
Hours. Any such audit will be at Customer's expense; however, should
discrepancies be discovered as a result of Customer's independently commissioned
audit, Williams shall be responsible for any and all costs associated with such
audit. Customer's payment obligations will survive the expiration or termination
of this Agreement.

19. LIABILITIES. WILLIAMS WILL INDEMNIFY, DEFEND, AND HOLD HARMLESS CUSTOMER ITS
PARENTS AND AFFILIATES, AND ITS AND THEIR RESPECTIVE OFFICERS, DIRECTORS,
EMPLOYEES, AGENTS, AND OTHER REPRESENTATIVES FROM AND AGAINST ANY CLAIMS,
ACTIONS, JUDGMENTS, LIABILITIES, LOSSES, COSTS, DAMAGES, FINES, PENALTIES AND
EXPENSES TO THE EXTENT ARISING FROM: (A) THE NEGLIGENCE OR WILLFUL MISCONDUCT OF
WILLIAMS, ITS EMPLOYEES, AGENTS, CONTRACTORS, OR OTHER REPRESENTATIVES IN THE
PERFORMANCE OF THIS AGREEMENT; OR (B) THE FAILURE OF WILLIAMS TO COMPLY WITH THE
TERMS AND CONDITIONS OF THIS AGREEMENT. CUSTOMER WILL INDEMNIFY, DEFEND, AND
HOLD HARMLESS WILLIAMS ITS PARENTS AND AFFILIATES, AND ITS AND THEIR RESPECTIVE
OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AND OTHER REPRESENTATIVES FROM AND
AGAINST ANY CLAIMS, ACTIONS, JUDGMENTS, LIABILITIES, LOSSES, COSTS, DAMAGES,
FINES, PENALTIES AND EXPENSES TO THE EXTENT ARISING FROM: (A) THE NEGLIGENCE OR
WILLFUL MISCONDUCT OF CUSTOMER, ITS EMPLOYEES, AGENTS, CONTRACTORS (INCLUDING:
THE OWNERS, OPERATORS, AND VOYAGE CHARTERS OF MARINE VESSELS; AND THE OWNERS AND
OPERATORS OF TRUCKS), OR OTHER REPRESENTATIVES IN THE PERFORMANCE OF THIS
AGREEMENT; OR (B) THE FAILURE OF CUSTOMER TO COMPLY WITH THE TERMS AND
CONDITIONS OF THIS AGREEMENT. WITHOUT LIMITATION OF THIRD PARTY CLAIMS, NEITHER
PARTY WILL HAVE ANY LIABILITY FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, OR
SPECIAL LOSS, DAMAGE OR COST (INCLUDING, WITHOUT LIMITATION, LOST BUSINESS
OPPORTUNITY OR LOST PROFIT), HOWSOEVER AND BY WHOMSOEVER CAUSED, EVEN IF THE
POSSIBILITY OF SUCH LOSS, DAMAGE OR COST WAS FORESEEABLE. The indemnities
expressed in this Agreement will survive the expiration, termination, or
suspension of this Agreement.

20. TAXES AND OTHER CHARGES. Customer will pay all taxes and assessments, now
existing or hereafter created, that may be assessed by any governmental
authority against any Product (including Waste), against the property of
Customer, or against Williams (except for income, franchise and real estate
taxes assessed against the Terminal) with respect to the receiving, storing,
handling, shipping or disposing of any Product, Waste or property of Customer,
including any value added tax, sales tax, excise tax, inventory tax, spill tax,
pollution control tax, emission control tax or similar tax assessment. If a
change in Law requires Williams to incur any additional expense in order to
continue to receive, store, handle, ship or dispose of any Product, Waste, or
property of Customer, Customer will pay the cost of such expenses, including any
engineering, construction, and operating expenses.

21. FORCE MAJEURE. Notwithstanding any other provision of this Agreement to the
contrary, all circumstances causing either party's non-performance under this
Agreement and the remedies therefore have been adequately addressed in this
Agreement, therefore, there shall be no excuse for non-performance based on
force majeure.

22. DEFAULT. Either party will be in default under this Agreement if it: (a)
breaches any material provision of this Agreement; (b) makes an assignment for
the benefit of creditors or consents to or acquiesces in the appointment of a
receiver, liquidator, fiscal agent, or trustee; or (c) becomes insolvent or
enters into a voluntary or involuntary bankruptcy or receivership. In the event
of any default, the other party will give the defaulting party notice of the
default and a thirty (30) day opportunity to cure. If the defaulting party fails
to cure the default within the cure period, the other party may terminate this
Agreement.

23. CLAIMS. Each party will immediately give notice to the other party in
writing of any claim or dispute hereunder, and include as part of such notice
full and complete details, specifics and backup documentation pertaining to it.
In no event will one party be liable to the other party unless such a written
notice together with all supporting documentation available is delivered within
sixty (60) days after the facts upon which the claim or dispute is based first
became known, or reasonably should have first become known, to espousing such
claim or dispute.

24. COMMISSIONS AND GIFTS. No director, officer, employee, agent, or other
representative of either party will give or receive any commission, fee, rebate,
gift or entertainment of significant value or cost in connection with this
Agreement. Further, neither party will give any commission, fee, rebate, gift or
entertainment of significant value or cost to any government official or
employee in connection with this Agreement.

25. CONFIDENTIALITY. The parties understand and agree that the terms and
conditions of this Agreement, all documents referred to herein and
communications between the parties regarding this Agreement (collectively
"Confidential Information") are confidential as between Williams and Customer
and will not, without the other party's prior written consent, be disclosed by a
party to a third party, other than a parties' representatives or agents who have
a need to know. In the event that either party is requested or becomes legally
compelled (by oral questions, interrogatories, request for information or
documents, subpoena, civil investigative demand or similar process) to disclose
any Confidential Information, it will give the other party prompt notice thereof
so that a protective order or other appropriate remedy may be sought and/or
waiver of compliance with the provisions of this Agreement granted. The party
requesting a protective order will bear all costs related thereto. In the event
that such protective order or other remedy is not obtained, the party who has
been requested or legally compelled to disclose Confidential Information agrees
that it will furnish only that portion of the Confidential Information which is
legally required and will exercise its reasonable efforts to obtain reliable
assurance that confidential treatment will be accorded to the Confidential
Information which is disclosed in such manner.

26. INSURANCE. The rates quoted herein do not include any insurance on the
Product covered hereunder while it is the possession of Williams, it being
clearly understood and agreed that such property insurance, if any be desired by
Customer, will be carried by Customer at its own expense. If Customer does carry
any insurance on the property, Customer's insurance carrier will endorse the
policies to waive all rights of subrogation against Williams and Customer will
provide Williams with evidence of such waiver of subrogation, either in the form
of the endorsement or a certificate of insurance. Both parties will obtain and
maintain in full force and effect commercial general liability coverage which
will include, but not be limited to, bodily injury, property damage, blanket
contractual liability and independent contractor liability, sudden and
accidental pollution and explosion, collapse and underground

                                       6
<PAGE>

coverage with limits of at least $2MM per occurrence and with insurance
companies reasonably satisfactory to the other party as respects all duties and
obligations pursuant to this Agreement. Each party will also maintain in full
force and effect workers' compensation insurance complying with the laws of the
state or states having jurisdiction over each employee, whether or not Customer
is required by such laws to maintain such insurance, and employer's liability
coverage with limits of at least $1MM each accident, $1MM disease each employee
and $1MM disease policy limit. For any work performed offshore or on navigable
waterways, this insurance will be endorsed to provide full Maritime liability
coverage, including Longshoreman's and Harbor Worker's Act, Outer Continental
Shelf Land Act, Jones Act, Death on High Seas Act and In Rem. Owners and/or
charters of Marine Vessels or barges will obtain and maintain in full force and
effect hull and machinery insurance, including collision and tower's liability,
equal to the full value of the Marine Vessel. Protection and indemnity
insurance, including coverage for chartered vessels, members of crew, In Rem,
contractual liability, excess collision, and tower's liability on Ocean P&I
Clause SP-23 (revised January 1956) Form, or equivalent with a combined single
limit of $5,000,000 or that required by law, whichever is greater. All policies
carried by each party will require their carriers to endorse the policies to
waive subrogation rights in favor of the other party and, except for workers'
compensation. To the extent of the indemnity obligations specified in this
Agreement, each party will provide to the other party certificates showing
evidence of such coverages as of the effective date of this Agreement. Each
party will maintain all such policies current. The mere purchase and existence
of insurance does not reduce or release either party from any liability incurred
and/or assumed within the scope of this Agreement. Customer will cause all
Marine Vessels, truck carriers and rail car carriers which are chartered,
contracted, or nominated hereunder by Customer to comply with Law and to carry
all liability and pollution insurance required by Law.

27. LOSS ALLOWANCE. For the first twelve (12) months, Williams will be allowed,
for actual losses incurred (as substantiated by Williams measurement records), a
Loss Allowance no greater than 0.5% by volume of the quantity of Product
Transported by Williams on any day during the term of this Agreement. For the
remaining term of the Agreement, the Loss Allowance for any month shall be 120%
of the average of the actual monthly loss amounts incurred over a twelve (12)
month period, including the current month (excluding any monthly loss amounts
greater than +/- one (1) standard deviation from the mean of the distribution of
such twelve (12) monthly actual loss amounts). Customer agrees that Williams
will not be liable for any such Loss Allowance. Williams shall reimburse
Customer for actual losses in excess of such Loss Allowance monthly at a price
equal to the monthly average of the PLATTS LLS posting at St. James for the
month in which such loss shall occur per the terms as set forth in Section 17.

28. GOVERNING LAW. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF OKLAHOMA WITHOUT REGARD TO THE CHOICE
OF LAW PRINCIPLES THEREOF.

29. ASSIGNMENT. Neither party will assign or transfer this Agreement in whole or
in part, or any of the rights or obligations contained herein (including the
right to the storage of Product), without the prior written consent of the other
party, which consent shall not be unreasonably withheld and any purported
assignment in violation of this provision will be void. Without limitation of
the foregoing, consent to assignment may be conditioned upon the acceptance by
the assignee of additional terms and conditions related to the creditworthiness
of the assignee. Consent to assignment by one party will not relieve the other
party from any of its duties or obligations under this Agreement, unless
otherwise specifically stated in the written consent. Notwithstanding the
foregoing, either party may assign this Agreement to an Affiliate without such
consent. Subject to the foregoing, this Agreement will bind and inure to the
benefit of the successors, assigns and transferees of the parties hereof.

30. NOTICES. Any notice by either party to the other will be deemed to have been
properly given if delivered personally, faxed with telephone and written
confirmation of receipt, or mailed to said party by certified or registered
mail, postage and charges prepaid, to the address set out below, unless and
until another address will have been specified in writing by said party.

<Table>
<S>                                                                     <C>
                  CUSTOMER:                                            WILLIAMS:
                  Address:          Williams Energy Marketing
                                    & Trading Company                  Address:         Williams Terminals Holdings, L.P.
                                    Attn: Cody Nicholson                                Attn: Bill Copeland
                                    P. O. Box 3448, MD WRC                              P.O. Box 3448, MD 720-A
                                    Tulsa, OK  74101-3448                               Tulsa, OK 74101
                  Telephone:        918-573-5307                       Telephone:       918-573-3424
                  Facsimile:        918-573-4686                       Facsimile:       918-573-6865
</Table>

30.  TERM AND TERMINATION. The term of this Agreement shall be for a period of
     nine (9) years from the date this Agreement is executed. If a Catastrophic
     Event shall occur, this Agreement shall be suspended immediately and the
     obligations of Williams to provide Services and Customer to provide payment
     under this Agreement shall be suspended. The term of this Agreement shall
     not be affected by any such suspension.

Within forty (40) days after the occurrence of a Catastrophic Event, Williams
shall propose a plan to fully restore Transportation Capacity to no less than
the maximum capacity in effect immediately prior to the Catastrophic Event,
unless Williams can demonstrate, and the parties mutually agree, that such a
plan is impossible or impractical. If the parties mutually agree within fifteen
(15) days that it is impossible or impractical for Williams to fully restore
Transportation Capacity this Agreement will terminate immediately. Any
disagreements as to Williams' ability to fully restore Transportation Capacity
within fifteen (15) days will be settled by the dispute resolution procedures
set forth in Section 32 of this Agreement.

The plan submitted by Williams shall include, but may not be limited to a) the
date certain that Williams shall fully restore Transportation Capacity to no
less than the maximum capacity in effect immediately prior to the Catastrophic
Event, b) a proposal to enable Customer to operate its business without any loss
of profit or other damage during the period in which the Terminal is operating
at reduced capacity, c) the amount of any remaining Transportation Capacity at
the Terminal, and d) any other applicable terms and conditions which Customer
may require to evaluate Williams' plan.

Customer shall evaluate Williams' plan in good faith to determine whether it
will indeed protect Customer from loss of profit or other damage to its business
while Transportation Capacity is being restored. Customer's evaluation shall
consider, but shall not be limited to a) any incremental costs incurred to
transact business at another terminal, b) any change in product market value
related to transacting business at another terminal and c) the

                                       7
<PAGE>

competitive impact related to conducting business at another terminal. The
parties shall have fifteen (15) days to negotiate an interim agreement based on
Williams' plan.

If the parties do not reach an interim agreement within such fifteen (15) days,
this Agreement shall terminate immediately; however, if either party believes
that the other party has not negotiated the interim agreement in good faith,
then that party may appeal to the Dispute Resolution procedures established in
Section 32 of this Agreement. If the parties mutually agree to and execute such
an interim agreement, the terms of such interim agreement shall prevail. Should
Williams not restore Transportation Capacity by the date agreed to in the
interim agreement, the interim agreement shall immediately terminate and
Customer shall, at that time, determine, in its sole discretion whether this
Agreement will continue in effect or contemporaneously terminate as well.
Alternatively, should Williams restore Transportation Capacity by the date
agreed to in the interim agreement, this Agreement shall immediately be
reinstated.

In any event, the term of this Agreement shall not be affected by any suspension
under this Section 31.

32. DISPUTE RESOLUTION. The parties shall attempt in good faith to resolve any
dispute arising out of or relating to this Agreement promptly by negotiation
between executives who have authority to settle the controversy and who are at a
higher level of management than the persons with direct responsibility for
administration of this contract. Any party may give the other party written
notice of any dispute not resolved in the normal course of business. Within
fifteen (15) days after delivery of the notice, the receiving party shall submit
to the other a written response. The notice and the response shall include (a) a
statement of each party's position and a summary of arguments supporting that
position, and (b) the name and title of the executive who will represent that
party and of any other person who will accompany the executive. Within thirty
(30) days after delivery of the disputing party's notice, the executives of both
parties shall meet at a mutually acceptable time and place, and thereafter as
often as they reasonably deem necessary, to attempt to resolve the dispute. All
reasonable requests for information made by one party to the other will be
honored. If the matter has not been resolved by these persons within forty-five
(45) days of the disputing party's notice, the dispute shall be referred to more
senior executives of both parties who have authority to settle the dispute and
who shall likewise meet to attempt to resolve the dispute. If the dispute has
not been resolved by negotiation within forty-five (45) days of the disputing
party's notice, or if the parties failed to meet within twenty (20) days, the
parties shall endeavor to settle the dispute by mediation under the then current
CPR Mediation Procedure. Unless otherwise agreed, the parties will select a
mediator from the CPR Panels of Distinguished Neutrals. All negotiations
pursuant to this clause are confidential and shall be treated as compromise and
settlement negotiations for purposes of applicable rules of evidence.

33. CONCLUDING PROVISIONS. This Agreement is made as an accommodation to
Customer, and in no event will Williams' services be deemed to be those of a
public utility or common carrier. If any action is taken or threatened by any
governmental authority to declare the Terminal, Williams or Customer a public
utility or common carrier, Williams may by written notice terminate this
Agreement on the effective date of such action. Williams will own all
improvements to the Terminal, including those for which Customer has made a
financial contribution. The word "including" does not limit the preceding words
or terms. If any provision of this Agreement is held to be unenforceable to any
extent, the remaining provisions will be enforced to the maximum extent allowed
by law. All section titles and headings in this Agreement are merely for
convenience, and will not limit in any way the interpretation of this Agreement.
No provisions of this Agreement will be construed against or interpreted to the
disadvantage of any party by reason of such party's having drafted such
provision. Except as otherwise provided herein, the remedies provided in this
Agreement are cumulative, not exclusive, and in addition to all other remedies
in either party's favor at law, in equity or otherwise. No waiver of any breach
by either party of any terms, conditions, or obligations will be deemed a waiver
of subsequent breaches of the same or other nature. This Agreement will not be
deemed to be for the benefit of any third party, or give any other party any
right to enforce its provisions and neither this Agreement nor the parties'
performance hereunder will be deemed to have created a joint venture or
partnership between the parties. This Agreement constitutes the entire Agreement
between the parties. There are no promises, terms, conditions, representations,
warranties, or obligations other than those contained herein. Except as
otherwise provided herein, no variation or modification hereof will be deemed
valid unless it is in writing and signed by both parties.

IN WITNESS WHEREOF the parties have by their duly authorized representatives
signed this Agreement.

<Table>
<S>                                                              <C>
        WILLIAMS ENERGY MARKETING                                WILLIAMS TERMINALS HOLDINGS L.P.
        & TRADING COMPANY                                        BY WILLIAMS NGL, LLC, ITS GENERAL PARTNER

        By:         /s/ Mike Selman                              By:            /s/ Jay A. Wiese
               ------------------------------------                    -----------------------------------
        Name:       Mike Selman                                  Name:          Jay A. Wiese
               ------------------------------------                    -----------------------------------
        Title:      VP Portfolio Management                      Title:         VP, Terminal Services
               ------------------------------------                    -----------------------------------
</Table>

                                       8
<PAGE>

                                    EXHIBIT A

                             DESCRIPTION OF PROPERTY
                           WILLIAMS CRUDE OIL TERMINAL

Commencing at a point having Louisiana State Plane Coordinates of X=2,104,634.70
and Y=368,062.82, said point being the Point of Beginning;
Thence, N67 degrees 29' 04"W a distance of 313.01 feet to a 3/4" G.I.P.;
Thence, N22 degrees 27' 56"E a distance of 577.43 feet to a 3/4" G.I.P.;
Thence, S48 degrees 32' 43"E a distance of 130.00 feet to a 3/4" G.I.P.;
Thence, N35 degrees 55' 00"W a distance of 179.75 feet to a 3/4" G.I.P.;
Thence, S49 degrees 09' 06"E a distance of 170.00 feet to a 3/4" G.I.P.;
Thence, S26 degrees 01' 56" W a distance of 66.80 feet to a point;
Thence, S26 degrees 04' 42" W a distance of 161.47 feet to a point;
Thence, S22 degrees 38' 15" W a distance of 208.00 feet to a point;
Thence, S21 degrees 43' 02" W a distance of 118.04 feet to a point;
Thence, S21 degrees 15' 52" W a distance of 102.76 feet to the Point of
Beginning containing 4.52 acres.

Commencing at a point having Louisiana State Plane Coordinates of X=2,104,674.20
and Y=368,045.53, said point being the Point of Beginning;
Thence, N 22 degrees 16' 06" E a distance of 91.89 feet to a point;
Thence, N 21 degrees 43' 16" E a distance of 117.87 feet to a point;
Thence, N 22 degrees 33' 29" E a distance of 90.25 feet to a point;
Thence, S 67 degrees 32' 50" E a distance of 10.60 feet to a point;
Thence, S 19 degrees 57' 46" W a distance of 124.51 feet to a point;
Thence, S 23 degrees 51' 27" W a distance of 175.67 feet to a point;
Thence, N 67 degrees 32' 50" W a distance of 10.23 feet to the Point of
Beginning containing 0.090 acres.

Commencing at a point having Louisiana State Plane Coordinates of X=2,104,915.10
and Y=368,644.73, said point being the Point of Beginning;
Thence, N 49 degrees 08' 52" W a distance of 206.35 feet to a 3/4" G.I.P.;
Thence, N 25 degrees 54' 11" E a distance of 475.81 feet to a 3/4" G.I.P.;
Thence along a curve to the right having a Delta of 10 degrees 30' 46", a Radius
of 3148.05 feet, an Arc Length of 577.61 feet, and a Chord Bearing and Distance
of N 32 degrees 32' 34" E - 576.80 feet to a set 1/2" G.I.P.;
Thence, N 36 degrees 48' 43" E a distance of 496.04 feet to a 3/4" G.I.P.;
Thence, along a curve to the left having a Delta of 21 degrees 30' 23", a Radius
of 365.22 feet, an Arc Length of 137.09 feet, and a Chord Bearing and Distance
of S 28 degrees 48' 30" W - 136.29 feet to a set 3/4" G.I.P.;
Thence, N 12 degrees 35' 03" E a distance of 180.11 feet to a 3/4" G.I.P.;
Thence, along a curve to the right having a Delta of 15 degrees 16' 53", a
Radius of 527.09 feet, an Arc Length of 140.58 feet, and a Chord Bearing and
Distance of N 23 degrees 04' 17" E - 140.16 feet to a set 3/4" G.I.P.;
Thence, N 38 degrees 49' 06" E a distance of 177.99 feet to a 3/4" G.I.P.;
Thence, S 60 degrees 09' 00" E a distance of 148.40 feet to a 3/4" G.I.P.;
Thence, S 49 degrees 19' 35" E a distance of 96.91 feet to a 3/4" G.I.P.;
Thence, along the curve to the left having a Delta of 25 degrees 00' 00", a
Radius of 297.92 feet, an Arc Length of 129.99 feet, and a Chord Bearing and
Distance of N 58 degrees 02' 46" E - 128.96 feet to a set 3/4" G.I.P.;
Thence, along a curve to the left having a Delta of 28 degrees 33' 55", a Radius
of 267.23 feet, an Arc Length of 133.23 feet, and a Chord Bearing and Distance
of N 28 degrees 45' 34" E - 131.85 feet to a set 3/4" G.I.P.;
Thence, S 12 degrees 41' 06" W a distance of 187.21 feet to a point;
Thence, along the curve to the right having a Delta of 21 degrees 09' 46", a
Radius of 550.36 feet, an Arc Length of 203.28 feet, and a Chord Bearing and
Distance of S 28 degrees 10' 03" W - 202.13 feet to a point;
Thence, S 36 degrees 49' 03" W a distance of 497.72 feet to a point;
Thence, S 34 degrees 54' 42" W a distance of 304.43 feet to a point;
Thence, S 29 degrees 40' 22" W a distance of 239.42 feet to a point;
Thence, S 26 degrees 15' 08" W a distance of 325.55 feet to the Point of
Beginning containing 10.3 acres.

                                       9<PAGE>
                                                                   EXHIBIT 10(f)

                            FACILITIES SALE AGREEMENT

                                 BY AND BETWEEN

                               TRANSMONTAIGNE INC.
                                    AS SELLER

                                       AND

                        WILLIAMS TERMINALS HOLDINGS, L.P.
                                    AS BUYER

                               DATED JUNE 30, 2001

                    ---------------------------------------

<PAGE>

                                      INDEX

<Table>
<S>               <C>                                                                <C>
SECTION  1.       DEFINITIONS
         1.1.     Specific Definitions................................................6
         1.2.     Other Terms........................................................11
         1.3.     Other Definitional Provisions......................................11

SECTION  2.       PURCHASE AND SALE OF ASSETS
         2.1.     Purchase and Sale of Assets........................................11
         2.2.     Retained Assets....................................................12
         2.3.     Title and Risk of Loss.............................................12

SECTION  3.       PURCHASE PRICE
         3.1.     Purchase Price.....................................................12

SECTION  4.       CERTAIN CONTRACTUAL OBLIGATIONS
         4.1.     Certain Contractual Obligations....................................13
         4.2.     Retained Liabilities...............................................13

SECTION  5.       REPRESENTATIONS AND WARRANTIES OF SELLER
         5.1.     Organization and Good Standing.....................................13
         5.2.     Authority; Authorization of Agreement..............................13
         5.3.     No Violation.......................................................14
         5.4.     Compliance with Laws; Taxes; Permits...............................14
         5.5.     Contracts and Rights-of-Way........................................15
         5.6.     Assets.............................................................15
         5.7.     Title to Assets....................................................15
         5.8.     Operation of Facilities............................................15
         5.9.     Environmental Compliance...........................................15
         5.10.    Books and Records..................................................16
         5.11.    Litigation.........................................................16
         5.12.    No Broker..........................................................16
         5.13.    Credit Facility Release............................................16
         5.14.    Governmental Approval..............................................16
         5.15.    Public Utility Holding Company Act.................................17
         5.16     Seller Not a Foreign Corporation...................................17
         5.17     Improvements and Personal Property.................................17
         5.18.    Additives, Dyes and Butanes........................................17
         5.19     No Other Representations and Warranties............................17

SECTION  6.       REPRESENTATIONS AND WARRANTIES OF BUYER
         6.1.     Organization and Good Standing.....................................17
         6.2.     Authority; Authorization of Agreement..............................18
</Table>

                                        2
<PAGE>

<Table>
<S>               <C>                                                               <C>
         6.3.     No Violation......................................................18
         6.4.     No Broker.........................................................18
         6.5.     Government Approval...............................................18
         6.6.     Public Utility....................................................18
         6.7.     Knowledgeable Investor............................................19
         6.8.     No Other Representations and Warranties...........................19

SECTION  7.       CONDUCT AND PRE-CLOSING COVENANTS OF THE PARTIES
         7.1.     Access and Information; Due Diligence.............................19
         7.2.     Continued Operation...............................................19
         7.3.     Title Insurance, Survey of and Title to Real Property.............20
         7.4.     Damage or Condemnation............................................21
         7.5.     Press Releases/Announcements......................................21
         7.6.     Environmental/Operations Audit....................................22
         7.7.     Contract Notices..................................................22
         7.8.     Consents..........................................................23
         7.9.     Completion of Due Diligence.......................................23
         7.10     Establishing Product Inventory....................................23
         7.11.    Employees.........................................................24

SECTION  8.       CERTAIN POST-CLOSING COVENANTS
         8.1.     Payment of Liabilities............................................25
         8.2.     Baseline Audit and Baseline Audit Report..........................25
         8.3.     Revenues and Remittance of Monies.................................26
         8.4.     Confidentiality...................................................26
         8.5.     Contingency Payments..............................................26
         8.6.     Use of Terminal Automation System.................................27
         8.7.     Audited Financials................................................27

SECTION  9.       CONDITIONS TO OBLIGATIONS OF BUYER AT CLOSING
         9.1.     Compliance; Accuracy of Representations...........................27
         9.2.     Buyer's Board Approval............................................27
         9.3.     Officers' Certificates............................................27
         9.4.     No Orders or Lawsuits.............................................28
         9.5.     Third Person Consents.............................................28
         9.6.     Absence of Certain Changes........................................28
         9.7.     Conveyance Documents..............................................28
         9.8.     Due Diligence.....................................................28
         9.9.     Title Insurance Policy............................................29
         9.10     Transition Services...............................................29
         9.11     Terminal Use and Access Agreement.................................29
         9.12     Letter of Credit..................................................29
         9.13     Butane Blending Software..........................................29
         9.14     TEPPCO Line Space Agreement.......................................29
</Table>

                                        3
<PAGE>

<Table>
<S>               <C>                                                               <C>
SECTION  10.      CONDITIONS TO OBLIGATIONS SELLER AT CLOSING
         10.1.    Compliance; Accuracy of Representations...........................29
         10.2.    Seller's Board Approval ..........................................30
         10.3.    Officers' Certificates............................................30
         10.4.    No Orders or Lawsuits.............................................30
         10.5.    Third Person Consents.............................................30
         10.6.    Purchase Price....................................................30
         10.7.    Exchange Agreement................................................30

SECTION  11.      CLOSING...........................................................30

SECTION  12.      TAX MATTERS
         12.1.    Taxes and Recording Fees..........................................31
         12.2.    Allocation of Property Taxes......................................31

SECTION  13.      INDEMNIFICATION
         13.1.    Environmental Indemnification.....................................31
         13.2.    Other Indemnification by Seller...................................32
         13.3.    Indemnification by Buyer..........................................32
         13.4.    Termination of Indemnification....................................32
         13.5.    Procedures Related to Indemnification.............................34
         13.6.    Other Claims......................................................35
         13.7.    Mitigation........................................................36
         13.8.    Tax Treatment.....................................................36
         13.9     Survival of Representations.......................................36
         13.10    Exclusive Remedy..................................................36

SECTION  14.      NOTICE OF DEFAULT AND TERMINATION
         14.1.    Notice of Default by Seller.......................................36
         14.2.    Notice of Default by Buyer........................................37
         14.3.    Breach of Representation or Warranty..............................37
         14.4.    Termination Prior to Closing......................................37
         14.5.    Effect of Termination.............................................37

SECTION  15.      GENERAL PROVISIONS
         15.1.    Further Assurances................................................37
         15.2.    Expenses..........................................................38
         15.3.    Notices...........................................................38
         15.4.    Governing Law.....................................................39
         15.5.    Entire Agreement..................................................39
         15.6.    No Assignment; Successors.........................................39
         15.7.    Amendments; Waiver................................................39
         15.8.    Convenient Reference..............................................39
</Table>

                                       4
<PAGE>

<Table>
<S>        <C>                                                                        <C>
           15.9.    Counterparts......................................................40
           15.10.   No Third Person Beneficiaries.....................................40
           15.11    Attorney Fees.....................................................40
           15.12    Limitation on Liability...........................................40

EXECUTION.............................................................................41

EXHIBITS

             Exhibit 1.1               Map of Facilities
             Exhibit 9.7               Forms of Deed, Bill of Sale, Assignment
                                       and Assumption of Contracts and
                                       Assignment and Assumption of Permits
             Exhibit 9.10              Form of Transition Services Agreement
             Exhibit 9.11              Form of Terminal Use and Access Agreement
             Exhibit 9.13              Form of Software License Agreement
             Exhibit 9.14              Form of TEPPCO Line Space Agreement
             Exhibit 13.1(b)           Form of Access and Indemnity Agreement

SCHEDULES

             Schedule 2.1(a)           Real Property and Rights-of-Way
             Schedule 2.1 (b) and (c)  Personal Property and Improvements
             Schedule 2.1(e)           Assigned Contracts
             Schedule 2.1(g)           Permits
             Schedule 5.4              Exceptions to Compliance with Laws
             Schedule 5.7              Permitted Encumbrances
             Schedule 5.8              Exceptions to Operation of Facilities
                                       According to Standards
             Schedule 5.9              Environmental Non-Compliance
             Schedule 5.11             Litigation
             Schedule 8.2(b)           Baseline Audit Report
</Table>

                                       5
<PAGE>

                            FACILITIES SALE AGREEMENT

         THIS FACILITIES SALE AGREEMENT dated June 30, 2001, is by and between
TRANSMONTAIGNE INC., a Delaware corporation, together with its wholly owned
subsidiary, TransMontaigne Terminaling Inc., an Arkansas corporation
(hereinafter referred to as "Seller") and WILLIAMS TERMINALS HOLDINGS, L.P., a
Delaware limited partnership (hereinafter referred to as "Buyer", with Seller
and Buyer being individually referred to as "Party" and collectively referred to
as the "Parties").

                                    RECITALS:

         A. Seller presently owns a 100% interest in and operates two petroleum
products storage terminals known as the Little Rock Terminal Complex, together
with certain butane storage and pipeline facilities associated therewith located
in North Little Rock, Arkansas.

         B. Seller desires to sell and transfer and Buyer desires to purchase
and acquire all rights, properties, and assets associated with the foregoing
described properties, including certain obligations as specified in this
Agreement, on the terms and conditions described herein;

         FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of
which are hereby acknowledged, the Parties agree as follows:

SECTION 1. DEFINITIONS

         1.1. Specific Definitions. As used herein the following terms shall
have the meanings defined below:

              Additives and Dyes has the meaning set forth in Section 3.

              Affiliated Company means with respect to any individual or legal
business entity, any Person, which directly or indirectly controls, is
controlled by, or is under a common control with such individual or legal
business entity. The term "control" (including the terms "controlled by" and
"under common control with") as used in the preceding sentence means the
possession, directly or indirectly, of the power to direct or cause the
direction of management and policies of a Person.

              Agreement means this Facilities Sale Agreement, including the
Exhibits and Schedules attached hereto, as amended, modified and supplemented
from time to time.

              Assets has the meaning set forth in Section 2.1.

              Assigned Contracts means those Contracts listed in Schedule 2.1(e)
that are a part of the Assets as the same have been amended in accordance with
this Agreement prior to the Closing and are assignable by Seller.

                                       6
<PAGE>

              Baseline Audit Report has the meaning set forth in Section 8.2.

              Books and Records means physical and/or electronic copies of all
non-privileged and existing engineering, operating, accounting, local property
tax, legal (related to the title to the Assets or any matter reflected on any
exhibit or schedule attached to this Agreement), business, marketing, land and
other data, files, documents, instruments, notes, papers and books and records
relating to the Assets and Facilities (but not other corporate financial, tax
and legal files and records) in the custody or control of Seller, including
without limitation, journals, deeds, property records, title policies, drawings,
records, maps, charts, surveys, prints, customer lists, computer software and
files, source and retrieval programs (including related documentation), and
environmental operating records, studies, audits, plans and reports of spills or
leaks, whether or not prepared internally by Seller or by unaffiliated parties.

              Butane has the meaning set forth in Section 3.

              Butane Blending Software has the meaning set forth in Section
2.1(c).

              Buyer Indemnified Parties has the meaning set forth in Section
13.1.

              Claims means any demand, Proceeding, charge, loss, cost, expense
(including reasonable attorney's fees and expert fees and expenses), damage,
fine, penalty, interest, judgment, or liability of any nature whatsoever.

              Closing means the closing of the purchase and sale of the Assets
as contemplated by this Agreement.

              Closing Date means the date set for the Closing in accordance with
Section 11.

              Closing Year means the calendar year in which the Closing occurs.

              Code means the Internal Revenue Code of 1986, as amended.

              Contracts means any written agreement, contract, commitment, lease
or instrument, including all amendments, modifications and supplements thereto,
affecting the Assets.

              Conveyance Documents means all deeds, bills of sale, assignments
and other good and sufficient instruments of transfer, conveyance and
assignment, in such form and substance as Buyer may reasonably request, to
effect or evidence the sale, conveyance, assignment, transfer, and delivery of
the Assets to Buyer and to vest in Buyer title to the Assets in accordance with
this Agreement.

              Credit Facility Liens has the meaning set forth in Section 5.13.

              Dollar and $ means lawful currency of the United States of
America.

                                       7
<PAGE>

              Effective Date means 11:59 p.m., Central Daylight Time, June 30,
2001.

              Environmental Arbitrator has the meaning set forth in Section
13.1(c).

              Environmental Claims means Claims involving or relating to
Polluting Substances, Releases, environmental conditions, situations,
circumstances, events, or incidents on, at or concerning, originating at or
relating to the Facilities or the Assets, or arising out of acts or omissions
occurring in connection with the ownership or operation of any of the Facilities
or Assets and arising either (i) from or related to a violation of, or remedial
requirement under, any Environmental Laws or (ii) based upon any common law
cause of action, including, without limitation, nuisance, trespass, negligence,
strict liability or public trust doctrine, whether such Environmental Claim
arises before or after the Effective Date and whether arising on or off of the
Facilities, including, without limitation, all Claims in connection with (a)
bringing the Assets and Facilities into compliance with Environmental Laws and
(b) the investigation or remediation of Polluting Substances contamination at
the Facilities.

              Environmental Laws means all Laws relating to public health, or to
pollution or protection of the environment (including, without limitation,
ambient air, surface water, groundwater, land surface or subsurface strata),
including, without limitation, the Clean Air Act, as amended, the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended
("CERCLA"), the Resource Conservation and Recovery Act of 1976, as amended
("RCRA"), the Toxic Substances Control Act ("TSCA"), the Federal Water Pollution
Control Act, as amended, the Occupational Safety and Health Act of 1970, as
amended, the Safe Drinking Water Act, as amended, the Hazardous Materials
Transportation Act, as amended, the Oil Pollution Act of 1990 ("OPA"), any
regulations or state laws or regulations implementing the foregoing federal
laws, and all other Laws or regulations relating to (a) emissions, discharges,
releases, or cleanup of pollutants, contaminants, chemicals, polychlorinated
biphenyls (PCB's), solid wastes, or toxic or hazardous substances or wastes
(collectively, "Polluting Substances"), (b) the generation, processing,
distribution, use, treatment, handling, storage, disposal or transportation of
Polluting Substances (c) the use, maintenance, and closure of any portion of the
Facilities, or (d) environmental conservation or protection. For purposes of the
definition of Environmental Laws, the following terms have the following
meanings: "hazardous substance" means those substances listed in 49 CFR
ss.172.101 and 40 CFR Part 302, petroleum and requested substances as defined in
Subtitle I to RCRA, and radiation; "release" has the meaning specified in
Section 101(22) of CERCLA; and "disposal" has the meaning specified in RCRA;
provided, however, that to the extent the laws of the state in which the
property is located establish a meaning for "hazardous substance," "release," or
"disposal" or comparable terms that is broader than that specified above, such
broader meaning shall apply.

              Facilities means the two petroleum storage terminals known as the
Little Rock Terminal Complex, situated at 3222 Central Airport Road, North
Little Rock, Arkansas 72117 ("North Terminal") and 2725 Central Airport Road,
North Little Rock, Arkansas 72117 ("South Terminal"), including (a) the two
petroleum product pipelines, butane pipeline, and a fiber optic service line
that connect the North Terminal and the South Terminal (b) all butane storage
facilities and equipment located on or adjacent to the North Terminal and (c)
two petroleum product pipelines

                                       8
<PAGE>

approximately sixteen inches (16") in diameter, one from the North Terminal and
one from the South Terminal, both of which connect to a delivery point with
TEPPCO, all as more fully depicted on the map attached hereto as Exhibit 1.1 as
operated by Seller on the date hereof, and identified in Schedule 2.1.

              Governmental Authority means any federal, state, local, foreign or
other governmental or administrative authority, agency, court or tribunal having
jurisdiction.

              Improvements has the meaning set forth in Section 2.1(b).

              Indemnified Party has the meaning set forth in Section 13.6(a).

              Indemnifying Party has the meaning set forth in Section 13.6(a).

              Inspection has the meaning set forth in Section 7.6.

              Inspection Period has the meaning set forth in Section 7.6.

              Law means all applicable local, state, federal and foreign laws
and rules, regulations, codes, and ordinances promulgated thereunder, judgments,
orders, consent orders, or decrees, excluding, however, any Environmental Laws.

              Lien means any lien, charge, mortgage, pledge, security interest,
right of first refusal, option, judgment, restrictive covenant or condition or
encumbrance in respect of or affecting the Assets, except the Credit Facility
Lien.

              Party and Parties has the meaning set forth in the preamble.

              Permit means any license, permit, franchise, authority, consent or
approval of a Governmental Authority applicable to the ownership or operation of
the Assets.

              Permitted Encumbrances means (a) the Liens described in Schedule
5.7, and (b) Liens for current Taxes which are not yet due and payable, or which
Seller is contesting in good faith and which are specifically described in
Schedule 5.7, including, without limitation, any easement, signage lease or
other similar burdens that encumber the Real Property.

              Person means any individual, corporation, partnership, joint
venture, association, joint stock company, trust, unincorporated organization or
government (or agency or political subdivision thereof).

              Personal Property has the meaning set forth in Section 2.1(c).

              Polluting Substances has the meaning set forth in the definition
of Environmental Laws.

                                       9
<PAGE>

              Prior Year means the calendar year immediately preceding the
Closing Year.

              Proceeding means any action, suit, claim, investigation, review or
other proceeding, at law or in equity, before any federal, state, municipal or
other governmental court, department, commission, board, bureau, agency or other
instrumentality or any arbitrator, board of arbitration or similar entity.

              Product means refined petroleum products, Additives and Dyes,
butane and blending materials.

              Product Inventory means the Products that are stored in the
Facilities.

              Purchase Price has the meaning set forth in Section 3.

              Real Property has the meaning set forth in Section 2.1(a).

              Release has the meaning set forth in the definition of
Environmental Law.

              Remedial Action has the meaning set forth in Section 13.1(b).

              Retained Environmental Claims means any Environmental Claim that
relates to (a) an environmental condition, situation, circumstance, event, or
incident identified in the Baseline Audit Report and any Environmental Claim
pertaining to Seller's transportation or disposal of Polluting Substances
off-site of the Assets and Facilities.

              Retained Liabilities has the meaning set forth in Section 4.2.

              Right-of-Way means any right-of-way, easement, access agreement,
lease, license, permit or prescriptive right that is a part of the Assets.

              Schedules means the exhibits, appendices and schedules to this
Agreement.

              Seller Indemnified Parties has the meaning set forth in Section
13.3.

              Tax means, as relating to any of the Assets, a federal, state or
local income tax, assessment, duty, fee, levy or other governmental charge,
together with and including without limitation, any and all interest, fines,
penalties, assessments and additions to tax resulting from, relating to, or
incurred in connection with any such tax or any contest or dispute thereof.

              Third Person means any Person other than Seller or Buyer, or
Affiliated Companies.

              Third Person Claim has the meaning set forth in Section 13.6(a).

                                       10
<PAGE>

              TPSI has the meaning set forth in Section 8.7

              TPSI Product means that portion of the Product Inventory located
in the Facilities or in transit to the Facilities that is owned by TPSI.

              Transition Services Agreement has the meaning set forth in Section
9.11.

         1.2. Other Terms. Other terms may be defined elsewhere in the text of
this Agreement and shall have the meaning indicated throughout this Agreement.

         1.3. Other Definitional Provisions.

              (a) The words "hereof", "herein", and "hereunder" and words of
similar import, when used in this Agreement, shall refer to this Agreement as a
whole and not to any particular provision of this Agreement.

              (b) The terms defined in the singular have a comparable meaning
when used in the plural, and vice versa.

              (c) Each and every exhibit or schedule to this Agreement is
included in it and attached for all purposes by the reference in this Agreement
to the specific exhibit or schedule.

              (d) Whenever the Parties have agreed that any approval or consent
will not be "unreasonably withheld", such phrase will also include the Parties
agreement that the approval or consent will not be unreasonably delayed or
conditioned.

              (e) Whenever a statement is qualified by the term "knowledge,"
"best knowledge" or similar term or phrase, it is intended to indicate actual
knowledge, or the possession of information, data or documents that would give
actual knowledge, on the part of the officers, directors of a Person or current
Facility management employees at a level of terminal manager or higher who,
after due inquiry, and in the normal scope of their employment would have such
actual knowledge.

SECTION 2. PURCHASE AND SALE OF ASSETS

         2.1. Purchase and Sale of Assets. At Closing, but effective as of the
Effective Date, Seller shall sell, transfer, assign, convey, set over and
deliver to Buyer, and Buyer shall purchase and acquire from Seller, all of the
properties, privileges, rights, interests and claims for interests, tangible and
intangible, of, relating primarily to, or used primarily in connection with any
portion of the Facilities, including, without limitation, the following (the
"Assets"):

              (a) Real Property. All those certain tracts or parcels of real
property wholly or partly owned in fee simple by Seller or its Affiliated
Companies upon which the Improvements are located and all Rights-of-Way, and
other rights and interests in and to real property and

                                       11
<PAGE>

appurtenances thereto relating to or used in connection with any portion of the
Facilities, all as more particularly described in Schedule 2.1(a) ("Real
Property");

              (b) Improvements. All of the buildings, structures, fixtures,
facilities and other improvements relating to or used in connection with any
portion of the Facilities, including, without limitation, aboveground bulk or
other storage tanks, aboveground and underground refined product and natural gas
liquids pipelines, loading racks, pipe-racks, docks, utility fixtures, sheds,
pads, parking areas, walkways, storage areas, and roadways, as more particularly
described on Schedule 2.1(b) and (c) ("Improvements");

              (c) Personal Property. All field vehicles and leases thereto,
computer equipment and such related third party computer programs, applications
and software systems that Seller has the right to transfer, spare parts and
materials inventory, machinery, equipment, pumps, piping, engines, compressors,
heaters, electronic instrumentation, valves, meters, tools, office furniture,
fire equipment and, parts, supplies and other moveable equipment and tangible
personal property relating to or used in connection with any portion of the
Facilities as more particularly described in Schedule 2.1(b) and (c) ("Personal
Property") but excluding Seller's proprietary butane blending operation program
and codes (source or object) and all related written explanations of the use of
such program ("Butane Blending Software");

              (d) Additives and Dyes. The Additives and Dyes;

              (e) Contract Rights. All Assigned Contracts, as more particularly
described in Schedule 2.1(e);

              (f) Books and Records. Copies of all Books and Records; and

              (g) Permits. All Permits relating to or used in connection with
any portion of the Facilities, as more particularly described on Schedule
2.1(g).

         2.2. Retained Assets. Except for the Assets, as described in Section
2.1, Seller shall, at Closing, retain all right, title, interest and obligation
to and with respect to all of its assets and liabilities.

         2.3. Title and Risk of Loss. Title and risk of loss with respect to the
Assets shall pass to Buyer at the Effective Date.

SECTION 3. PURCHASE PRICE

         The purchase price for all of the Assets and Facilities shall be
$29,000,000.00 (the "Purchase Price"). The Purchase Price will be adjusted as
follows: (a) It will be increased after Closing by an additional sum for
additives and dyes owned by Seller ("Additives and Dyes") based upon Seller's
cost, with quantities to be measured by Parties as of the Effective Date, (b) it
will be adjusted after Closing by an additional sum for butane owned by Seller
("Butane") based upon the "OPIS" Conway

                                       12
<PAGE>

low posted price for normal butane as of June 29, 2001, plus 7.8 cents per
gallon, and will be purchased by an Affiliated Company of Buyer, with quantities
of Butane to be measured by the Parties as of the Effective Date and (c) it will
be adjusted at and after Closing in accordance with Section 12 and the other
applicable provisions of this Agreement. Buyer shall arrange to have the
Purchase Price delivered to Seller On July 2, 2001 by wire transfer in
immediately available funds to an account previously designated by Seller.

SECTION 4. CERTAIN CONTRACTUAL OBLIGATIONS

         4.1. Certain Contractual Obligations. In connection with the sale of
the Assets hereunder, upon the Effective Date, Buyer shall perform and satisfy
the obligations arising under the Assigned Contracts, the Permits and the
Rights-of-Way on and after the Effective Date.

         4.2. Retained Liabilities. Except for the express assumption by Buyer
of those certain obligations relating to the Assets, as specified in Section
4.1, and arising on and after the Effective Date or as expressly set forth in
this Agreement with respect to Environmental Claims that are not Retained
Environmental Claims, Buyer shall not assume or be bound or obligated by, and
Seller hereby acknowledges the retention of, any and all duties,
responsibilities, obligations or liabilities, whether fixed, absolute, accrued,
known or unknown, contingent or otherwise, of Seller of any kind whatsoever,
whether or not related to the Assets, whether or not such duties,
responsibilities, obligations or liabilities are disclosed on any Schedules
attached hereto (the "Retained Liabilities" provided that the term "Retained
Liabilities" shall not include any Retained Environmental Claim the
indemnification for which is governed by Section 13). Nothing contained in the
Schedules hereto shall increase, decrease or modify in any way whatsoever
Buyer's obligations under Section 4.1, nor result in Buyer's becoming
responsible for any liabilities, duties and obligations of Seller.

SECTION 5. REPRESENTATIONS AND WARRANTIES OF SELLER

         Seller represents and warrants to Buyer as follows:

         5.1. Organization and Good Standing. Seller is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware, having all necessary power and authority to carry on its respective
business as presently conducted and to own, lease, and operate all properties
and assets now owned, leased or operated by it qualified to do business as a
foreign corporation and in good standing in the State of Arkansas.

         5.2. Authority; Authorization of Agreement. Upon receipt of the
approval of its Board of Directors, which board has not yet reviewed this
Agreement or the transaction contemplated hereby, Seller will have all requisite
corporate power and authority to execute and deliver this Agreement, to
consummate the transactions contemplated hereby and to perform all the terms and
conditions hereof to be performed by it. The execution and delivery of this
Agreement by Seller and the consummation of the transactions contemplated hereby
have been duly authorized and approved by all requisite corporate action on the
part of Seller. This Agreement has been duly executed and delivered by

                                       13
<PAGE>

Seller and constitutes the legal, valid and binding obligation of Seller,
enforceable against it in accordance with its terms, subject to applicable
bankruptcy, insolvency or other similar Laws relating to or affecting the
enforcement of creditor's rights generally and to general principles of equity
(regardless of whether enforcement is considered in a proceeding in equity or at
law).

         5.3. No Violation. This Agreement and the execution and delivery hereof
by Seller does not, and the fulfillment and compliance with the terms and
conditions hereof, and the consummation of the transactions contemplated hereby
will not:

              (a)   violate or conflict with any provision of Seller's corporate
                    charter or other organizational or governance documents of
                    Seller;

              (b)   violate or conflict with any provision of any Law or
                    Environmental Law or any judicial, administrative or
                    arbitration order, award, judgment, writ, injunction or
                    decree applicable to or binding upon Seller or the Assets;

              (c)   conflict with or result in a breach of, constitute a default
                    under (whether with notice or lapse of time or both), or
                    accelerate or permit the acceleration of performance
                    required by, or require any consent or approval under any
                    instrument, contract or other agreement to which Seller is a
                    party or by which it is bound or to which any of its Assets
                    are subject ; or

              (d)   result in the creation of or imposition of any Lien upon any
                    of the Assets.

         5.4. Compliance with Laws; Taxes; Permits.

              (a) Except as set forth in Schedule 5.4, Seller is not in
violation of or in default under any Law, governmental determination, court or
other order, governmental certification requirement or other public limitation;
and

              (b) Except as set forth in Schedule 5.4, Seller has filed in a
timely manner all reports, returns and forms as may have been required under
applicable Laws for and paid all amounts for all required Taxes or similar
assessments (except amounts for Taxes being diligently contested in good faith
by appropriate procedures and disclosed in Schedule 5.4) including any interest,
penalties or additions attributable thereto shown as due on all such filings. No
Proceedings or other actions that are pending, or to Seller's knowledge, that
are threatened seek the assessment or collection of the additional Taxes of any
kind from Seller specifically relating to any portion of the Facilities or the
Assets, and no other examination by the Internal Revenue Service or any other
taxing authority affecting any portion of the Facilities or the Assets is now
pending. Taxes which Seller was required by Law to withhold or collect in
respect to the Facilities or the Assets have been withheld or collected and have
been paid over to the proper governmental authorities or are properly held by
Seller for such payment when due and payable.

                                       14
<PAGE>

              (c) Except as disclosed in Schedule 5.4, (i) Seller has all
Permits necessary for the operation of the Facilities and the Assets as
currently conducted, (ii) each such Permit is in full force and effect, and
(iii) is in compliance with all its obligations with respect thereto, and no
event has occurred which permits, or upon the giving of notice or the passage of
time or both would permit, the revocation or termination of any thereof.

         5.5. Contracts and Rights-of-Way. Seller is not in, nor has it received
written notice of, default under any Contract or Right-of-Way to which it is a
party, or by which it or its properties is bound. All Assigned Contracts and
Rights-of-Way represent valid, binding and enforceable agreements of the parties
thereto subject to applicable bankruptcy, insolvency, or other similar Laws
relating to or affecting the enforcement of creditors' rights generally and to
general principles of equity (regardless of whether enforcement is considered in
a proceeding in equity or at law). Seller has made available to Buyer true,
correct and complete copies of all Assigned Contracts and Rights-of-Way
affecting the Assets and Facilities, as currently operated.

         5.6. Assets. The Assets constitute all of the properties and assets
necessary for the operation of, relating to or used in connection with the
Facilities.

         5.7. Title to Assets. Seller has good, valid, and marketable title to
100% interest in the Assets, free and clear of all Liens, but subject to (i) all
easements, restrictions and encumbrances that are a matter of public record and
(ii) the Outdoor Advertising Leases in favor of Bestco Sign Company dated April
1, 1994, as described in Schedule 5.7. Seller warrants and will defend the
aforesaid title to the Assets to Buyer and its successors and assigns forever
against the lawful claims and demands of all persons claiming by, through or
under Seller, with the right to full substitution and subrogation of Buyer in
and to all covenants and warranties by others given or made in respect of all or
part of the Assets before the Effective Date, and to which Seller has succeeded.

         5.8. Operation of Facilities. Except as disclosed on Schedule 5.8, the
Facilities and Improvements, taken as a whole, have been maintained and operated
in accordance with Seller's normal operating standards and practices and are in
good operating condition, repair and maintenance, subject only to ordinary wear
and tear.

         5.9. Environmental Compliance.

              (a) Except as disclosed in Schedule 5.9, the Facilities and the
Assets are in compliance with applicable Environmental Laws.

              (b) Seller has furnished or made available to Buyer all Books and
Records relating to environmental liabilities and reasonably requested by Buyer
to be made available to it under Section 7.1.

              (c) Except as disclosed in Schedule 5.9, there are no past or
present or, to the best of Seller's knowledge, future events, conditions,
circumstances, activities, practices, incidents, actions or plans, which will
prevent continued substantial compliance with applicable Environmental Laws and
the terms and conditions of any Permits.

                                       15
<PAGE>

              (d) Except as set forth in Schedule 5.9, Seller has not received
any written notice from any Governmental Authority of any actual or potential
non-compliance with the terms and conditions of any Permits with respect to the
any portion of the Facilities or the Assets.

              (e) Except as set forth in Schedule 5.9, Seller has not received
any written notice of any civil, criminal or administrative Proceeding involving
the Facilities that arise under any applicable Environmental Laws.

         5.10. Books and Records. The Books and Records have been maintained in
accordance with good business practices and all financials relating to or
depicting the past and current operations of the Facilities have been prepared
in accordance with generally accepted accounting principles and fairly and
accurately present the financial condition of the Assets, except where
projections have been made, in which case the assumptions upon which the
projections have been based are noted therein.

         5.11. Litigation. Except as set forth in Schedule 5.11, there is no
pending, or to Seller's knowledge threatened, Proceeding involving Seller, any
of the Facilities or any of the Assets at law or in equity, by or before any
Governmental Authority or any arbitrator or mediator. Except as set forth in
Schedule 5.11, there are no orders, writs, judgments, stipulations, injunctions,
decrees, determinations, awards or other decisions of any Governmental
Authority, or any arbitrator or mediator, outstanding against Seller, any
portion of the Facilities or any of the Assets.

         5.12. No Broker. Seller has not retained or employed any broker,
finder, or similar agent, or otherwise taken any action in connection with the
negotiations relating to this Agreement and the transactions contemplated hereby
in a manner so as to give rise to any claims against any of the Parties for any
brokerage commission, finder's fee or other similar payment.

         5.13. Credit Facility Release. All of the Assets have previously been
pledged by Seller as security to Fleet National Bank N.A., as agent for Fleet
National Bank and other secured lenders pursuant to the Security Agreement dated
January 13, 2000 in connection with that certain Fourth Amended and Restated
Credit Agreement dated as of February 11, 2000, by and between Seller and Fleet
National Bank, N.A., as amended and that certain Amended and Restated Master
Shelf Agreement dated February 11, 2000 by and between Seller and Prudential
Insurance Company, as amended (collectively, the "Credit Facility Liens").
Except with respect to the necessity to obtain a release of the Credit Facility
lien upon the Assets before the Effective Date and taking such steps as are
required in Sections 7.8 and 7.9 to obtain consent to the assignment of Assigned
Contracts, no other Third Person consent, approvals, waiver or authorization of
any Third Person is required to be obtained in connection with the execution and
delivery of this Agreement by Seller, or the consummation by Seller of the
transactions contemplated hereby.

         5.14. Governmental Approval. No consent, approval, waiver, order or
authorization of, or registration, declaration or filing with, any Governmental
Authority is required to be obtained or made in connection with the execution
and delivery of this Agreement by Seller or the consummation by Seller of the
transactions contemplated hereby.

                                       16
<PAGE>

         5.15. Public Utility Holding Company Act. Neither Seller nor any of its
Affiliated Companies is a "holding company", or a "subsidiary company" of a
"holding company" or an "affiliate" of a "holding company" within the meaning of
the Public Utility Holding Company Act of 1935, as amended.

         5.16. Seller Not a Foreign Corporation. The Seller is not a "Foreign
Corporation" as that term is used in Section 1445 of the Code.

         5.17. Improvements and Personal Property. Seller has good and
marketable title to the Personal Property and the Improvements, and such
Improvements and Personal Property are free of Liens. Except as set forth in
this Agreement, the Improvements and Personal Property are being transferred "AS
IS" AND WITH ALL FAULTS AND SELLER MAKES NO WARRANTY WITH RESPECT TO THE
PHYSICAL CONDITION OF THE IMPROVEMENTS AND PERSONAL PROPERTY, OR TO THE
MERCHANTABILITY OF SUCH IMPROVEMENTS AND PERSONAL PROPERTY OR FITNESS OF SUCH
IMPROVEMENTS AND PERSONAL PROPERTY FOR ANY PARTICULAR PURPOSE.

         5.18. Additives, Dyes and Butane. Seller has good and marketable title
to the Additives, Dyes and Butanes, and such Additives, Dyes and Butanes are
free of Liens. The Additives, Dyes and Butanes meet all requirements of Laws and
Environmental Laws, including without limitation the regulations of the EPA
governing additives set forth in Part 80 of Title 40 of the Code of Federal
Regulations, as amended, if applicable.

         5.19. No Other Representations or Warranties. Except for the
representations and warranties of Seller in this Agreement and the certificates,
documents, instruments and writings delivered to Buyer by or on behalf of Seller
pursuant to this Agreement, neither Seller nor any other Person makes or shall
be deemed to have made any other representations or warranties on behalf of
Seller, express or implied, and Seller hereby disclaims any such representations
and warranties, whether by Seller, any of Seller's employees, agents or
representatives, or any other Person. EXCEPT AS SET FORTH IN THIS AGREEMENT, THE
ASSETS AND THE FACILITIES ARE SOLD TO BUYER "AS IS, WHERE IS" WITH ALL FAULTS.
EXCEPT AS SPECIFICALLY SET FORTH HEREIN, SELLER HEREBY EXPRESSLY DISCLAIMS AND
NEGATES TO BUYER AND ALL THIRD PERSONS ALL WARRANTIES, EXPRESS OR IMPLIED,
INCLUDING WITHOUT LIMITATION ANY IMPLIED OR EXPRESS WARRANTY OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, DESIGN, PERFORMANCE, CONDITION, CERTIFICATE,
MAINTENANCE, OR SPECIFICATION.

SECTION 6. REPRESENTATIONS AND WARRANTIES OF BUYER.

         Buyer represents and warrants to Seller as follows:

         6.1. Organization and Good Standing. Buyer is a limited partnership
duly organized, validly existing and in good standing under the laws of the
State of Delaware, with all necessary

                                       17
<PAGE>

power and authority to carry on its business as presently conducted and to own,
lease and operate all properties and assets now owned, leased and operated by
it.

         6.2. Authority; Authorization of Agreement. Upon receipt of the
approval of the Board of Directors of its general partner, which board has not
yet reviewed this Agreement or the transaction contemplated hereby, Buyer will
have all requisite power and authority to execute and deliver this Agreement, to
consummate the transactions contemplated hereby and to perform all the terms and
conditions hereof to be performed by it. Subject to Buyer receiving approval
from the Board of Directors of its general partner, this Agreement has been duly
executed and delivered by Buyer and constitutes the legal, valid and binding
obligation of Buyer, enforceable against it in accordance with its terms,
subject to applicable bankruptcy, insolvency or other similar Laws relating to
or affecting the enforcement of creditor's rights generally and to general
principles of equity (regardless of whether enforcement is considered in a
proceeding in equity or at law).

         6.3. No Violation. This Agreement and the execution and delivery hereof
by Buyer do not, and the fulfillment and compliance with the terms and
conditions hereof, and the consummation of the transactions contemplated hereby
will not:

         (a)  violate or conflict with any provision of the charter or other
              organizational or governance documents of Buyer;

         (b)  violate or conflict with any provision of any Law or Environmental
              Law or any judicial, administrative or arbitration order, award,
              judgment, writ, injunction or decree applicable to or binding upon
              Buyer; or

         (c)  conflict with or result in a breach of, constitute a default under
              (whether with notice or lapse of time or both), or accelerate or
              permit the acceleration of performance required by, or require any
              consent or approval under any instrument, contract or other
              agreement to which Buyer is a party or by which it is bound or to
              which any of its properties is subject.

         6.4. No Broker. Buyer has not retained or employed any broker, finder,
or similar agent, or otherwise taken any action in connection with the
negotiations relating to this Agreement and the transactions contemplated hereby
in a manner so as to give rise to any claims against any of the Parties for any
brokerage commission, finder's fee or other similar payment.

         6.5. Governmental Approval. No consent, approval, waiver, order or
authorization of, or registration, declaration or filing with, any Governmental
Authority is required to be obtained or made in connection with the execution
and delivery of this Agreement by Buyer or the consummation by Buyer of the
transaction contemplated hereby.

         6.6. Public Utility. Neither Buyer nor any of its Affiliated Companies
is a "holding company", or a "subsidiary company" of a "holding company" or an
"affiliate" of a "holding company", as such terms are defined in the Public
Utility Holding Company Act of 1935 and related rules and regulations.

                                       18
<PAGE>

         6.7. Knowledgeable Investor. Without limitation of the express
representations, warranties, covenants and agreements of Seller contained in
this Agreement, Buyer acknowledges that it is an experienced and knowledgeable
investor in terminaling, transportation, storage and petroleum exchange business
and the operation of petroleum product storage facilities and that in conducting
the Inspection under Section 7.6 and due diligence as described in Section 9.8
involving the Assets and Facilities, it is relying solely on its independent
investigation and audit of, and appraisal and judgment with respect to, the
Assets and Facilities and Buyer assumes full responsibility for any conclusions
or analysis relating to the Assets and Facilities and any decisions to proceed
with the purchase of the Assets and Facilities based upon such due diligence and
investigation.

         6.8. No Other Representations and Warranties. Except for the
representations and warranties of Buyer in this Agreement and the certificates,
documents, instruments and writings delivered to Seller by or on behalf of Buyer
pursuant to this Agreement, neither Buyer nor any other Person makes or shall be
deemed to have made any other representations or warranties on behalf of Buyer,
express or implied, and Buyer hereby disclaims any such representations or
warranties, whether by Buyer, any of Buyer's employees, agents or
representatives, or any other Person.

SECTION 7. PRE-CLOSING CONDUCT AND COVENANTS OF THE PARTIES

         7.1. Access and Information; Due Diligence. Subject to Section 7.6,
from and after the date hereof to and including the Closing Date, Seller shall,
upon prior written request, afford to the Buyer and its officers, employees,
agents and authorized representatives of Buyer access during normal business
hours, to the Facilities, the Assets and all Books and Records pertaining
thereto. Seller shall also make available to Buyer, upon prior written request,
personnel knowledgeable with respect thereto at any reasonable time, in order
that Buyer may make such factual, financial, accounting technical or legal due
diligence investigation which Buyer considers desirable, and the officers,
employees and representatives of Seller shall furnish Buyer with such Books and
Records as may be reasonably requested in order that Buyer may complete such due
diligence investigation of the Assets and Facilities to its reasonable
satisfaction.

         7.2. Continued Operation.

              (a) From and after the date hereof to and including the Effective
Date, Seller shall:

                  (1)      continue to operate and maintain the Facilities and
                           the Assets (A) in working order, condition, and
                           repair that are substantially the same as on the date
                           hereof (normal wear and tear excepted) and consistent
                           with Seller's past standards and practices, good
                           industry practices and (B) in such a manner so that
                           the representations and warranties of Seller
                           contained herein shall be true and correct as of the
                           Effective Date as if made on and as of the Effective
                           Date;

                                       19
<PAGE>

                  (2)      continue in effect all present insurance coverage on
                           the Facilities and the Assets;

                  (3)      cooperate with Buyer to effect an orderly transition
                           in the ownership of the Assets and Facilities; and

                  (4)      protect and preserve the relationships with the
                           existing customers at the Facilities.

              (b) From and after the date hereof to and including the Effective
Date, Seller shall not without the prior written consent of Buyer (which consent
shall not be unreasonably withheld):

                  (1)      grant any easements, rights-of-way, licenses, or
                           similar rights or enter into, terminate or amend any
                           Contract which is a part of or affects the Facilities
                           or the Assets;

                  (2)      abandon or fail to maintain any Right-of-Way or
                           Permit which is a part of or would have an effect
                           upon the Facilities or the Assets;

                  (3)      incur any obligation or liability in respect of the
                           Assets or Facilities or make any expenditure which
                           individually or in the aggregate exceeds $25,000.00
                           except for expenditures made in connection with any
                           emergency or other force majeure event;

                  (4)      sell, assign, transfer, mortgage, pledge, subject to
                           any Lien or otherwise dispose of or encumber any
                           Asset (excluding the Credit Facility Liens);

                  (5)      settle any pending Proceeding or Claim applicable to
                           Seller's interest in the Facilities or the Assets
                           except for settlements which do not impose any
                           obligation on the Facilities or the Assets or the
                           operation of the Facilities or the Assets which
                           extends beyond the Closing Date;

                  (6)      make any material change in the conduct of the
                           business or operations of the Facilities; or

                  (7)      commit to any of the foregoing.

         7.3. Title Insurance, Survey of and Title to Real Property.

              (a) Upon Buyer's written request, Seller will provide to Buyer, at
no cost to Buyer, any Books and Records containing title information relating to
the Facilities. Seller makes no representation as to the accuracy of this
information. Prior to Closing, Buyer will (1) order a title examination and
commitments from Chicago Title Insurance Company, and (2) order ALTA land
surveys from a Arkansas licensed surveyor for the Real Property associated with
the North Terminal and the South

                                       20
<PAGE>

Terminal and all other fee-owned real property sites that form a part of the
Assets in anticipation of Buyer's acquisition of extended title insurance from
the title insurance company. The final revised commitments for extended title
insurance based, in part, on the results of the surveys, must be received by
Buyer prior to Closing. Such title commitments shall be deemed to be acceptable
to Buyer if they reflect good, valid and marketable title to the Facilities in
fee simple and free and clear of all Liens and title defects, except Permitted
Encumbrances. Examination of title to the Facilities, title insurance premiums
and surveys, if any, will be at Buyer's cost.

              (b) From and after the date hereof to and including the Closing
Date, Buyer shall have the right to inspect and examine title to the Assets. In
the event such examination reveals any defects in title, Buyer shall notify
Seller in writing immediately, but prior to Closing of such defects. Upon
receipt of said notice, Seller shall cure all such defects to title contained in
Buyer's notice at Seller's sole expense. If all such defects of title contained
in Buyer's written notice thereof have not been cured by Seller, or waived by
Buyer on or prior to the Closing Date, Seller and Buyer shall attempt to agree
upon an appropriate adjustment to the Purchase Price to account for such
matters. If within a reasonable period after the commencement of negotiations
relating to such adjustment to the Purchase Price, Buyer and Seller have not
agreed upon an adjustment in the Purchase Price, either Party may terminate this
Agreement by giving notice to Seller. Any notice given by Buyer pursuant to this
Section 7.3, or the failure to give any such notice shall not affect Buyer's
right to seek indemnification under Section 13.1, unless such defect has been
waived by Buyer pursuant to this Section 7.3.

         7.4. Damage or Condemnation. If the Facilities or any part thereof is
damaged or condemned or condemnation proceedings affecting any part of the
Facilities are filed or threatened prior to the Closing Date and the cost of the
restoration or repair of such part of the Facilities to its condition
immediately prior to such damage or condemnation, as reasonably estimated by
Seller, exceeds $250,000, then Seller shall promptly give written notice thereof
to Buyer giving the full particulars of such damage or condemnation, the
estimated time for completion of such restoration or repair, and Seller's
estimate of the cost of restoration or repair thereof . In any such notice,
Seller shall also elect to either (a) bear all costs of such repair or
restoration or (b) state its willingness to endeavor to agree with Buyer upon an
appropriate adjustment to the Purchase Price for such matters. Within five (5)
days of the date of receipt by Buyer of such a notice from Seller under (b)
above, Buyer shall attempt to agree with Seller upon an appropriate adjustment
to the Purchase Price, failing which either Party may terminate this Agreement.
In the event Buyer fails to terminate this Agreement with respect to any damage
or condemnation notice, then Seller shall proceed to make the repairs or
restoration specified therein at Seller's sole cost, risk and expense.

         7.5 Press Releases/Announcements. Prior to Closing, neither Party shall
make any public announcement or issue any press release regarding this
Agreement, the transactions contemplated hereby or the status of negotiations
between the parties regarding the same without first conferring with the others.
If the Parties are unable to agree as to the text or time of release of any such
announcement, no announcement will be made unless the Party proposing the
announcement is advised by legal counsel that the announcement is legally
required to be made, in which case the other Parties shall be immediately
advised of the text and time of release of the announcement. The Parties

                                       21
<PAGE>

further agree to consult with each other on all press releases and announcements
to be issued at Closing concerning the transactions contemplated by this
Agreement. The Buyer and Seller may each continue such communications with
employees, customers, suppliers, lenders, stockholders and other particular
groups as may be legally required and not inconsistent with the best interests
of the other Party or the prompt consummation of the transactions contemplated
by this Agreement.

         7.6. Environmental/Operations Audit.

              (a) From and after the date of this Agreement to and including the
Closing Date (the "Inspection Period") Buyer will have the (1) right of access
to all Books and Records pertaining to the condition of the Assets and
Facilities reasonably requested by Buyer in writing, and (2) subject to the
execution of a mutually agreeable access agreement, the right of access to the
Assets and the Facilities for the purpose of conducting surveys, inspections,
and such other examinations of the Assets and Facilities as Buyer may desire
subject to Paragraphs (b) and (c) of this Section 7.6 (collectively, (1) and (2)
constitute the "Inspection"). Buyer will use reasonable care in the course of
performing the Inspection. Buyer will defend and indemnify Seller for any claims
or liabilities arising out of the performance of the Inspection, except to the
extent due to Seller's gross negligence or willful misconduct. In the exercise
of its rights under this Paragraph, Buyer will minimize any interference with
Seller's operations on the Facilities, (except for terminal managers in the
presence of a management representative of Seller or employment interviews
conducted with the consent of Seller) will not engage in discussions with any
site personnel and will give Seller reasonable advance written notice of any
Inspection activities. Buyer will pay all expenses associated with the
Inspection, including the disposal of any wastes generated by testing. Seller
may otherwise participate in the testing at its cost. Seller will have the right
to approve and witness all testing activities. Seller will be promptly provided
with all non-privileged written information and reports, raw data and test
results generated by the Inspection. All information pertaining to the Assets
and Facilities shall be subject to the terms of the Nondisclosure Agreement
between Seller and Williams Energy Services LLC dated February 6, 2001.

              (b) The Inspection shall include a review of all available
operational records of the Assets, and only those environmental assessment
activities which are part of the ASTM Phase I Environmental Assessment process
(as defined in ASTM Standard E-1527-00, the "Phase I Environmental Assessment"),
which shall include records review, including but not limited to review of
records maintained or on file with appropriate state and federal regulatory
bodies, site reconnaissance and interviews; provided, however, that the Phase I
Environmental Assessment shall also include a review of any relevant,
publicly-available information concerning geologic and/or hydro-geologic
conditions associated with the Assets. The Parties agree that the Phase I
Environmental Assessment shall not involve any testing or sampling activities of
materials such as soil and groundwater associated with any potential
environmental conditions involving the Assets.

         7.7 Contract Notices. Subject to Section 7.8, the Parties shall on the
Closing Date execute and deliver notices with regard to each of the Assigned
Contracts, Rights-of-Way and Permits, which are assignable by Seller in form and
substance reasonably acceptable to the Buyer, stating that Seller has assigned
to Buyer its interest therein and Buyer has accepted a delegation of

                                       22
<PAGE>

Seller's duties arising thereunder on or after the Effective Date (excluding any
Retained Liabilities).

         7.8 Consents. Seller shall secure from any Third Person and prepare and
deliver to Buyer prior to Closing, fully executed, all forms of those consents
or waivers that are necessary and proper to consummate the sale, assignment and
conveyance to Buyer of the Assets. All of such consents and waivers shall be in
form and substance reasonably satisfactory to Buyer. However, if such Third
Person consents to Assigned Contracts, Rights-of-Way or other assignments or
conveyances of the Assets have not been obtained before Closing, the Parties
will negotiate in good faith to arrive upon an appropriate mutually agreeable
adjustment to the Purchase Price. If such an adjustment in the Purchase Price
can not be agreed upon or other provision has not been made therefore and
mutually agreed upon in writing prior to Closing, Buyer may terminate this
Agreement prior to Closing and both Parties will be released from all further
obligations related to this Agreement.

         7.9 Completion of Due Diligence. The due diligence review to be
undertaken by Buyer, as referenced in this Section 7 (excluding the Baseline
Audit and Baseline Audit Report, which shall be governed by Section 8.2 and
title defects, which shall be governed by Section 7.3) and Section 9.8 shall be
completed prior to the Closing, unless extended by mutual written agreement.

         7.10 Establishing Product Inventory.

              (a) The Facilities shall close at 12:00 a.m. on July 1, 2001.
Between that time and 7:00 a.m. on July 1, 2001, an independent third party
inspection company mutually selected by Buyer and Seller (the cost of which will
be shared equally between the Parties) will perform an inventory and measurement
based upon applicable pipeline run tickets or bills of lading or observed
metering, gauging or measurement procedures of all Product Inventory located in
the Facilities' storage tanks and in active pipelines (including line fill in
such pipelines) to determine the volume all Product Inventory located (1) in
above-ground storage tanks at the Facilities and (2) in the line-fill at the
Facilities. All measurements of tanks hereunder shall be made from tank gauges
on 100 percent tank table basis or by positive displacement meters. All
measurements and tests shall be made in accordance with the latest ATM or
ASME-API (Petroleum PD Meter Code) published methods then in effect, whichever
apply. Volume and gravity shall be adjusted to 60(Degree) Fahrenheit for each
barrel (consisting for 42 U.S. gallons) and adjusted for tank shell temperature
correction factors to 60 degrees Fahrenheit. Full deduction for all bottom
sediment and water shall be made according to the ASTM Standard Method then in
effect. The final inventory volume for each type of Product comprising Product
Inventory shall be subject to Buyer's approval, which will not be unreasonably
withheld. Within ten (10) days of the Effective Date, at Buyer's option and upon
written notification, Seller shall be responsible for disposal of any water in
the storage tanks as measured under this Section within ten (10) days of receipt
of said notice.

              (b) At the Effective Date, Seller shall transfer custody of the
Product

                                       23
<PAGE>

Inventory and title to the tank bottom sediment to Buyer. Buyer shall assume
responsibility for the Product Inventory on behalf of and in accordance with the
direction of the respective customers. Seller will remain responsible and liable
for the exchange contract obligations of TPSI.

         7.11 Employees.

              (a) In order to assist Buyer in evaluating those employees
performing direct operational and substantial direct support services related to
the Facilities ("Employees"), Seller will as soon as practicable after the
execution of this Agreement by both Parties make available to Buyer a complete
list of the names, dates of hire and annual compensation or hourly rates
(including any currently taxable profit-sharing, bonus or other form of
compensation) of such Employees as of April 30, 2001.

              (b) Buyer is not obligated to offer employment to or continue the
employment of any officer, employee, agent, or representative of Seller,
including, without limitation, the Employees. Any successor clause or agreement
in any labor contracts or other labor arrangements, if any currently in effect,
would not be applicable to the sale and purchase of the Property, or otherwise
affect or impose any conditions or obligations on Buyer.

              (c) Buyer will evaluate and make hiring decisions with respect to
the Employees in a legal manner and will indemnify Seller with respect to any
claims or causes of action stemming from or related to such hiring decisions.
With respect to any Employees to which Buyer elects to make offers of employment
(which employment would be conditional upon the Closing of all transactions
contemplated under this Agreement and Seller's termination of such affected
Employees' employment with Seller, and would commence on the Effective Date),
and who accept such offers and are hired by Buyer, Buyer will hire such
Employees at wage and salary levels and enroll such Employees in welfare,
pension and other fringe benefit plans, substantially equivalent to those
presently offered to similarly situated employees of Buyer. Unless otherwise
precluded by ERISA or the terms of its existing benefits plans, Buyer will
credit such Employees with the years of service, as shown in Seller's records,
for purposes of eligibility and vesting under Buyer's retirement plans and
determination of benefits under Buyer's paid time off, severance, short-term
disability and service award plans. Buyer will notify Seller four days prior to
the Closing Date as to which of the Employees Buyer has extended or intends to
extend offers of employment, as well as those to whom Buyer has not extended or
will not extend an offer. Immediately prior to the Effective Date, Seller will
terminate the employment of such Employees to whom Buyer extends employment
offers and such employees accept such offers prior to that date. Buyer will
provide Seller with a copy of the terms and conditions of each offer extended,
including without limitation, job title, job duties and responsibilities, annual
wage or salary, and applicable welfare, pension and fringe benefit plans.

              (d) Seller will offer severance benefits to those Employees to
whom Buyer does not extend an offer of employment in accordance with paragraph
(c) above and who are subsequently terminated by Seller. If within one (1) year
after Closing, Buyer hires any Employee that has received severance benefits
from Seller, Buyer will reimburse Seller for all severance benefits paid by
Seller to such Employee.

                                       24
<PAGE>

              (e) Seller will fully pay or otherwise satisfy any claims by any
directors, officers, employees, shareholders, agents and representatives of
Seller relating to this Agreement, the performance or consummation thereof, and
any claims by any of them relating to or arising out of (i) their employment by
Seller, (ii) any employment contract involving Seller, (iii) any pension or
other benefit liabilities of Seller, (iv) any law requiring notice of severance
or severance benefit. With respect to any Employees of Seller who are terminated
by Seller, Seller will defend (with counsel reasonably acceptable to Buyer) and
indemnify Buyer from and against all claims, expenses, lawsuits and obligations
with respect to or arising from such termination, and Seller will comply with
all applicable laws in connection therewith, including, without limitation, the
Worker Adjustment and Retraining Notification Act.

SECTION 8. CERTAIN POST-CLOSING COVENANTS

         8.1. Payment of Liabilities. Seller shall pay or otherwise satisfy in
the ordinary course all of Seller's trade payables that relate to the period
prior to the Effective Date with respect to the Assets and shall fully pay or
otherwise satisfy all other Retained Liabilities.

         8.2. Baseline Audit and Baseline Audit Report.

              (a) For six months after the Effective Date, Buyer, at its option
may undertake such Phase II and other assessment as Buyer deems necessary for
Buyer to fully determine the environmental condition and status of compliance
with Environmental Laws of the Assets. Such environmental assessment (the
"Baseline Audit") shall establish the environmental condition and Environmental
Law compliance status of the Assets as of the Effective Date. Buyer will provide
reasonable prior notice to Seller of the commencement of the Baseline Audit and
provide Seller or its authorized representative the opportunity to observe the
audit and take duplicate samples of environmental constituents at Seller's sole
cost and upon the execution of an access agreement containing terms and
provisions mutually acceptable to the Parties. If Seller fails to witness the
Baseline Audit, Buyer may proceed to conduct it without Seller. If within the
aforesaid six-month period Buyer has not completed its work on the Baseline
Audit, Buyer waives its right to assert its environmental indemnification rights
under Section 13.1 against Seller.

              (b) Upon conclusion of the Baseline Audit, Buyer shall provide
Seller a copy of the written report thereof (the "Baseline Audit Report") and
for thirty (30) days after Seller's receipt of such report, Seller may make any
reasonable recommendations for changes in the report, including, without
limitation, changes based on test results of samples taken by Seller during the
Baseline Audit or re-testing of samples taken by Buyer during the Baseline
Audit. The Parties will negotiate in good faith to resolve any disputes with
respect to the Baseline Audit Report within sixty (60) days following the end of
the aforesaid thirty-day period and if at the end of such period, they not
resolved such dispute to their mutual satisfaction, they will submit the dispute
to arbitration by an Environmental Arbitrator in accordance with the procedures
described in Section 13.1 (c) and (d). The arbitrator will resolve the dispute
based upon a written opinion containing a reasoned explanation for his or her
decision, which decision will be the exclusive remedy in respect of any such
dispute, final and binding on the Buyer and Seller for all purposes and may be
entered

                                       25
<PAGE>

in any court of competent jurisdiction. The provisions of this Section 8.2 will
survive the Effective Date and this Agreement will be amended subsequent to the
Effective Date to include the Baseline Audit Report, mutually acceptable to both
Parties, which shall be attached hereto as Schedule 8.2 (b).

         8.3. Revenues and Remittance of Monies. All revenues, costs and
expenses attributable to the Assets prior to the Effective Date shall belong to
Seller, and all revenues, costs and expenses attributable to the Assets from and
after the Effective Date shall belong to Buyer. If a Party receives any monies
from a Third Person that are due to another Party, it shall promptly remit such
monies to such Party.

         8.4. Confidentiality. All information provided by one Party to the
other Party up to the Effective Date in connection with and as a result of this
Agreement shall be deemed "Information", as such term is defined in the
Nondisclosure Agreement between Williams Energy Services, LLC and TTI dated
February 6, 2001, and shall be governed by the terms and provisions thereof,
which agreement Buyer and Seller both agreed and ratified as applying to this
transaction under the Letter of Intent between them dated May 17, 2001 and which
they both agree and ratify as applying to them under this Agreement.

         8.5 Contingency Payments.

         (a) For a period not to exceed five years after the Effective Date,
Seller will pay to Buyer certain amounts ("Contingency Payments") related to a
certain shortfall in Product delivered from the Facilities up to a maximum of
$725,000 per year (with the total of such payments not exceeding $3,625,000 over
the five-year period) based on the following formula:

              [(A - B) x D] / C = E

         Where:
                  A = 11,862,500 barrels (32,500 barrels per day);
                  B = The total volume in barrels of all Products delivered from
                      the Facilities during the year for which the Contingency
                      Payment may be due or 7,300,000 barrels (20,000 barrels
                      per day), whichever is greater;
                  C = 4,562,500 barrels (12,500 barrels per day);
                  D = $725,000; and
                  E = Total Contingency Payment due to Buyer.

         For purposes of this Section 8.5, the term "year" is defined as a
period of twelve calendar months following the Effective Date and each
subsequent twelve-month period. Each such Contingency Payment, if any, will be
paid to Buyer within thirty (30) days after the end of each year for which it is
due. As soon as reasonably possible after each month during the period that such
Contingency Payments are due, Buyer will provide Seller with a monthly statement
of the aggregate volume of Products delivered from the Facilities for the prior
month by the 15th of the following month.

                                       26
<PAGE>

         (b) To secure the payment of such Contingency Payments and unless
otherwise provided in this Section 8.5(b), Seller will obtain each year during
the period said Contingency Payments are due, a letter of credit ("Letter of
Credit") in a form acceptable to Buyer and in the amount equal to the remaining
maximum value of the Contingency Payment. The Letter of Credit may also be drawn
upon with respect to any of the indemnification obligations of Seller under this
Agreement. Buyer will be responsible for and will pay upon receipt of an invoice
from Seller, the first $50,000 of the yearly cost of such Letter of Credit.
Buyer will review in good faith at least annually the need for Seller to obtain
such Letter of Credit and notify Seller at least thirty (30) days prior to the
end of each year whether Seller should renew the Letter of Credit for the
following year.

         (c) The Contingency Payments will not be subject to the deductible
amount provided in Section 13.2.

         8.6. Use of Terminal Automation System. So long as Seller or its
Affiliated Company is a customer of the Facilities, Buyer will allow Seller or
its Affiliated Company at no cost (except actual third party expenses incurred
by Buyer) to utilize the terminal automation system to allocate Product liftings
of the individual customers of Seller or its Affiliated Company.

         8.7 Audited Financials. Seller will supply Buyer with audited
financials by July 31, 2001 in compliance with Regulation SX of the SEC. Buyer
will pay fifty percent of third party expenses incurred by Seller for such
audited financials.

SECTION 9. CONDITIONS TO OBLIGATIONS OF BUYER AT CLOSING

         The obligations of Buyer to purchase the Assets and Facilities under
this Agreement are subject to the satisfaction, at or before the Closing, of the
following conditions:

         9.1. Compliance; Accuracy of Representations. Seller shall not be in
material breach of any of Seller's covenants, agreements, and conditions
required by this Agreement to be performed, satisfied, or complied with by it on
or before the Closing, and all representations and warranties of Seller in this
Agreement or in any certificate, document, instrument or writing delivered to
Buyer by or on behalf of Seller under this Agreement shall be true and correct
on and as of the Closing Date with the same force and effect as though they had
been made on the Closing Date.

         9.2 Buyer's Board Approval. The Board of Directors of the general
partner of Buyer shall have authorized the execution, delivery, and performance
of this Agreement and the consummation of the transactions contemplated herein.

         9.3. Officers' Certificates. Buyer shall have received certificates
dated as of the Closing Date, in form and substance reasonably satisfactory to
Buyer,

              (a) signed by the President or Vice President of Seller certifying
that (1) all representations and warranties made by Seller in this Agreement or
in any certificate, document, instrument or other writing delivered to Buyer by
or on behalf of Seller under this Agreement are true

                                       27
<PAGE>

and correct on and as of the Closing Date as though made on, as of and with
respect to the Closing Date, and (2) all covenants, agreements, and conditions
required by this Agreement to be performed, satisfied or complied with by Seller
on or before the Closing Date have been performed, satisfied and complied with;

              (b) signed by Secretary or an Assistant Secretary of Seller
certifying (1) the accuracy and completeness of the copies of, as well as the
current effectiveness of, the resolutions to be attached thereto of the Board of
Directors of Seller authorizing the execution, delivery and performance of this
Agreement and the consummation of the transactions contemplated herein, and (2)
the incumbency of the officer executing this Agreement on behalf of Seller and
any documents to be executed and delivered by Seller at the Closing.

         9.4. No Orders or Lawsuits. No order, writ, injunction or decree shall
have been entered and be in effect by any court of competent jurisdiction or any
Governmental Authority, and no Law shall have been promulgated or enacted and be
in effect, that restrains, enjoins or invalidates the transactions contemplated
hereby. No Proceeding initiated by any Person shall be pending before any court
or Governmental Authority seeking to restrain or prohibit or declare illegal, or
seeking substantial damages in connection with, the transactions contemplated by
this Agreement.

         9.5. Third Person Consents. Seller shall have obtained all Third Person
consents in accordance with Section 7.8 (except for those indicated on Schedule
2.1(e) as immaterial) and lien releases or waivers necessary to consummate the
transactions contemplated by this Agreement, including, without limitation, a
release of the Credit Facility Liens, all of such consents and waivers being in
form and substance reasonably satisfactory to Buyer.

         9.6. Absence of Certain Changes. There shall not have occurred with
respect to the Facilities or the Assets any act or omission constituting a
violation of any Law or Environmental Law between the date of this Agreement and
the Closing Date nor any damage or destruction, whether covered by insurance or
not, which could materially adversely affect the utilization and operations of
the Facilities or the Assets.

         9.7. Conveyance Documents. Seller shall have duly executed and
delivered to Buyer the Conveyance Documents and all other instruments and
documents required on Seller's part to effectuate this Agreement and the
transactions contemplated hereby in form and substance reasonably satisfactory
to Buyer, including without limitation, the Deed, Bill of Sale Assignment and
Assumption of Contracts and Assignment and Assumption of Permits, in the forms
attached hereto as Exhibit 9.7.

         9.8. Due Diligence. Buyer shall have completed a due diligence
investigation of the Assets and Facilities to its reasonable satisfaction, with
the results of such investigation also reasonably satisfactory to Buyer. Such
due diligence investigation shall cover the matters described in Section 7 and
shall also include, but not be limited to, Buyer: (i) conducting a Phase I
environmental site assessment of the Assets and Facilities; (ii) conducting a
physical inspection of the Assets and Facilities and review of maintenance
records and verifying that the Assets and Facilities include all equipment
necessary for the efficient operation of the Facilities and that such equipment
is in good

                                       28
<PAGE>

repair and operating condition; (iii) verifying the existence and validity of
real property interests necessary for the operation of the Assets and Facilities
and that all documents evidencing such interests are properly executed, recorded
and assignable in their entirety; (iv) verifying that any and all Assigned
Contracts have not been materially breached, are currently in effect, and
assignable and that there are no material unanticipated current or potential
liabilities; and (v) verifying that the Assets and Facilities are in material
compliance with all applicable Laws and Environmental Laws.

         9.9. Title Insurance Policy. Chicago Title Insurance Company shall, in
accordance with the title commitment standard specified in Section 7.3(a), have
committed to issue to Buyer at Closing an extended coverage ALTA owner's policy
of title insurance upon payment by Buyer of its regularly scheduled premium,
insuring Buyer's interests in the Real Property associated with the North
Terminal and the South Terminal and all other fee-owned real property sites that
form a part of the Assets in an amount satisfactory to Buyer, subject only to
delivery of satisfactory title from Seller to Buyer.

         9.10. Transition Services. At Closing, Seller shall execute and deliver
a Transition Services Agreement in the form attached hereto as Exhibit 9.10.

         9.11. Terminal Use and Access Agreement. At Closing, TPSI and Buyer
will executed a Terminal Use and Access Agreement covering the TPSI Product
Inventory in the form attached to this Agreement as Exhibit 9.11.

         9.12. Letter of Credit. At Closing, Seller shall provide and deliver a
Letter of Credit as provided in Section 8.5.

         9.13. Butane Blending Software. At Closing, Seller and Buyer will
execute a Software License Agreement for the Butane Blending Software in the
form attached to this Agreement as Exhibit 9.13.

         9.14. TEPPCO Line Space Agreement. At Closing Seller shall execute and
deliver the TEPPCO Line Space Agreement in the form attached hereto as Exhibit
9.14.

SECTION 10. CONDITIONS TO OBLIGATIONS OF SELLER AT CLOSING

         The obligations of Seller to sell and transfer the Assets and
Facilities under this Agreement are subject to the satisfaction, at or before
the Closing, of the following conditions:

         10.1. Compliance; Accuracy of Representations. Buyer shall not be in
breach of any of Buyer's covenants, agreements, and conditions required by this
Agreement to be performed, satisfied, or complied with by it on or before the
Closing, and the representations and warranties of Buyer in this Agreement or in
any certificate, document, instrument or writing delivered to Seller by or on
behalf of Buyer under this Agreement shall be true and correct on and as of the
Closing Date with the same force and effect as though they had been made on the
Closing Date.

                                       29
<PAGE>

         10.2. Seller's Board Approval. The Board of Directors of Seller shall
have authorized the execution, delivery, and performance of this Agreement and
the consummation of the transactions contemplated herein.

         10.3. Officers' Certificates. Seller shall have received certificates
dated as of the Closing Date, in form and substance reasonably satisfactory to
Seller,

              (a) signed by the President or a Vice President of Buyer
certifying that (1) all representations and warranties made by Buyer in this
Agreement or in any certificate, document, instrument or other writing delivery
to Seller by or on behalf of Buyer under this Agreement are true and correct on
and as of the Closing Date as though made on, as of and with respect to the
Closing Date, and (2) all covenants, agreements, and conditions required by this
Agreement to be performed, satisfied or complied with by Buyer on or before the
Closing Date have been performed, satisfied and complied with; and

              (b) signed by Buyer's Secretary or an Assistant Secretary
certifying (1) the accuracy and completeness of the copies of, as well as the
current effectiveness of, the resolutions to be attached thereto of the Board of
Directors of Buyer authorizing the execution, delivery and performance of this
Agreement and the consummation of the transactions contemplated herein, and (2)
the incumbency of the officers executing this Agreement on behalf of Buyer and
any documents to be executed and delivered by Buyer at the Closing,.

         10.4. No Orders or Lawsuits. No order, writ, injunction or decree shall
have been entered and be in effect by any court of competent jurisdiction or any
Governmental Authority, and no Laws shall have been promulgated or enacted and
be in effect, that restrains, enjoins or invalidates the transactions
contemplated hereby. No Proceeding initiated by any Person shall be pending
before any court or Governmental Authority seeking to restrain or prohibit or
declare illegal, or seeking substantial damages in connection with, the
transactions contemplated by this Agreement.

         10.5. Third Person Consents. Buyer shall have obtained all Third Person
consents or waivers that Seller was able to obtain, all of such consents and
waivers being in form and substance reasonably satisfactory to Seller.

         10.6. Purchase Price. Buyer shall deliver to Seller on the Closing Date
the Purchase Price in accordance with Section 3.1.

         10.7. Exchange Agreement. At Closing Affiliated Companies of Seller and
Buyer shall have entered into an exchange agreement with respect to deliveries
of TPSI Product to the Facilities.

SECTION 11. CLOSING

         The Closing shall take place at the offices of Seller, at 370 17th
Street, Suite 2750, Denver, Colorado, or such other place mutually agreeable to
the Parties, no later than June 30, 2001, which

                                       30
<PAGE>

date may be extended only by mutual written agreement of the Parties. Facsimile
signatures are an acceptable means of indicating that a Party has executed this
Agreement and any other documents required for purposes of Closing, provided
that each Party will be provided with original executed copies of this Agreement
and such documents within a reasonable period of time after receipt of such
facsimile signatures.

SECTION 12. TAX MATTERS

         12.1. Taxes and Recording Fees. Except as provided otherwise in Section
12.2, Buyer and Seller shall divide equally all local state and federal sales
taxes and fees incurred in connection with the transaction herein including
without limitation all sales, use and transfer taxes, as well as recording and
documentary fee, if any.

         12.2. Allocation of Property Taxes. Each Party shall pay its respective
pro rata portion of all ad valorem or similar Taxes under any property or lease
included in the Assets for the Closing Year. The Purchase Price shall be reduced
by a reasonable estimate of all ad valorem or similar Taxes for the Closing Year
(based on the Taxes for the Prior Year) prorated to the Effective Date; Seller
shall make available to Buyer copies of all statements and assessments
reflecting Taxes for the Prior Year. Buyer shall pay such sums to the
appropriate taxing authorities when due, prior to becoming delinquent. Except as
set forth in this Section 12, Buyer shall have no other liability for Taxes
payable by Seller for the period prior to the Effective Date relating to the
operations or business of Seller or the transactions contemplated hereunder.

SECTION 13. INDEMNIFICATION

         13.1. Environmental Indemnification.

               (a) Except as otherwise expressly limited in this Section 13.1,
Seller shall indemnify Buyer, and its Affiliated Companies and each of their
respective officers, directors, employees, stockholders, partners and
representatives ("Buyer Indemnified Parties") and hold them harmless from all
Retained Environmental Claims. Seller's environmental indemnity obligations
under this Section 13.1 will be limited under the following circumstances: (1)
Seller will have no indemnity obligations to Buyer for any Retained
Environmental Claim that, under the Environmental Laws in effect as of the
Effective Date, does not require "corrective action" (actions required to
satisfy legal requirements of the applicable Governmental Authority including,
without limitation, no action, monitoring, remediation through attenuation,
confinement or treatment) but subsequently requires corrective action if Seller
reasonably establishes that Buyer contributed to or exacerbated any portion of
the Polluting Substances that required such corrective action; and (2) with
respect to any Retained Environmental Claim for which Seller has initiated
"Remedial Action" (as defined below in subsection (b)), Seller will have no
indemnity obligations for that portion of remediation or corrective action

                                       31
<PAGE>

costs which Seller reasonably establishes to be caused by Buyer's contribution
to the condition subject to Remedial Action.

               (b) Without limiting the other provisions of this Section 13, if
Buyer has a claim against Seller related to an Retained Environmental Claim,
Seller shall, subject to Buyer's input and approval, which approval will not be
unreasonably withheld, manage any investigation, remediation, corrective action
or other activities required to address the condition(s) giving rise to such
Retained Environmental Claim ("Remedial Action"). Without limiting Buyer's right
to make claims for indemnification under Section 13.1, Buyer shall cooperate
with Seller and shall, if reasonable, avoid taking any action that would have an
adverse effect on Seller's ability to seek reimbursement under any applicable
insurance policy for the benefit of Seller, or on Seller's ability to exercise
any available contractual rights of contribution or indemnification, including,
without limitation, that which may be obtained by Seller in relation to its
participation in any federal, state or local administered restoration,
reimbursement or other environmental liability indemnification program. Seller
shall (1) provide Buyer the opportunity to review in advance such Remedial
Action to be taken or implemented and the form and substance of any plan, report
or submission to be transmitted to any Governmental Entity regarding such
Remedial Action, and (2) provide Buyer periodic written reports regarding the
status of such Remedial Action, including any correspondence with any
Governmental Entity regarding such Remedial Action, and Seller's decisions after
the Effective Date on such matters shall be subject to Buyer's approval, which
approval shall not be unreasonably withheld. For the purpose of conducting such
Remedial Action, Buyer and Seller will enter an Access Agreement in
substantially the form attached hereto as Exhibit 13.1(b).

               (c) If a dispute arises hereunder with respect to any Retained
Environmental Claim, then the Buyer and Seller shall select a nationally
recognized environmental consultant to arbitrate such dispute in accordance with
the procedures set forth in subparagraph (d) below. If the Buyer and Seller
cannot agree on one such environmental consultant within thirty (30) days, each
Party shall select its own nationally recognized environmental consultant within
thirty (30) days thereafter, which consultants shall jointly select a third
environmental consultant to arbitrate such dispute. The agreed upon or selected
environmental consultant shall be deemed the "Environmental Arbitrator." The
arbitration provided for in this subparagraph (c) and in subparagraph (d) below
shall be the Parties' exclusive remedy in respect of a dispute concerning
indemnification for environmental matters under this Section 13.1.

               (d) In accordance with the then current Expedited Procedures of
the Commercial Arbitration Rules of the American Arbitration Association, Buyer
and Seller shall submit disputes concerning indemnification for environmental
matters under this Section 13.1 and, if applicable, their respective estimates
of the applicable dollar amount of such Retained Environmental Claim to the
Environmental Arbitrator for a final, binding resolution. If the dispute
concerns only a dollar amount, the Environmental Arbitrator shall choose one or
the other of such estimates as the final amount of Retained Environmental Claim.
The arbitration shall be conducted in Dallas, Texas. No transcript or recording
shall be made of any arbitration session. The decision of the Environmental
Arbitrator shall be final and binding on the Buyer and Seller for all purposes
and may be entered in any court of competent jurisdiction. The losing party
shall pay the expenses of the Environmental Arbitrator.

                                       32
<PAGE>

               (e) From and after the Effective Date, Buyer shall provide Seller
with prompt written notice of any releases, leaks or spills of Polluting
Substances occurring on the Assets and Facilities, whether or not reportable to
any Governmental Authority (collectively a "Release"), with full particulars as
to the time, date and location thereof, the substance involved and steps or
methods undertaken with respect to clean-up or remediation thereof.

         13.2. Other Indemnification by Seller. Seller shall indemnify the Buyer
Indemnified Parties against and hold them harmless from any Claim suffered or
incurred by any such Buyer Indemnified Party to the extent arising from,
relating to or otherwise in respect of (a) any breach of any representation or
warranty of Seller contained in this Agreement or in any certificate delivered
pursuant hereto, (b) any breach of any covenant of Seller contained in this
Agreement and (c) all Retained Liabilities. In no event shall Seller be
obligated to indemnify Buyer or any other person with respect to any matter to
the extent that Seller has already provided indemnity for such matter pursuant
to this Agreement. Except for (1) Seller's obligation to indemnify Buyer with
respect to Retained Environmental Claims and (2) Seller's obligation to pay
Contingency Payments pursuant to Section 8.5, Seller shall have no liability for
any of the other foregoing Claims and Retained Liabilities unless the aggregate
of all losses, liabilities, costs and expenses relating to such other Claim or
Retained Liability for which Seller would, but for this limitation, be liable
exceeds on a cumulative basis an amount equal to $250,000, in which case Seller
shall be liable for the full amount over this $250,000 deductible.

         13.3. Indemnification by Buyer. Buyer shall indemnify Seller, its
Affiliated Companies and each of their respective officers, directors,
employees, stockholders, agents and representatives ("Seller Indemnified
Parties") against and hold them harmless from any Claim suffered or incurred by
any Seller Indemnified Party to the extent arising from (a) any breach of any
representation or warranty of Buyer contained in this Agreement or in any
certificate delivered pursuant hereto, (b) any breach of any covenant of Buyer
contained in this Agreement, (c) all obligations and liabilities related to the
Assets and Facilities, other than Retained Liabilities and other items which
Seller has expressly agreed to pay or perform pursuant to this Agreement or for
which indemnification is provided under Section 13.2, (d) any act or omission of
Buyer, its officers, directors, employees, agents or designated representatives
in connection with Buyer's conduct of the Inspection at Seller's Facilities
pursuant to Section 7.6, except to the extent of Seller's gross negligence or
willful misconduct related to the Inspection, (e) all Environmental Claims other
than Retained Environmental Claims and (f) any environmental matters described
in Subsections 13.1(a)(1) and 13.1(a)(2) with respect to which Seller's
environmental indemnity obligations under Section 13.1 do not apply.

         13.4. Termination of Indemnification. The obligations to indemnify and
hold harmless a Party, (a) for Retained Environmental Claims pursuant to Section
13.1, shall not terminate; provided, however, Seller's obligations to indemnify
and hold Buyer harmless for Retained Environmental Claims that involve Remedial
Action shall only continue until Seller receives a written completion or closure
order or other determination or action reasonably acceptable to Buyer finally
resolving that the Remedial Action undertaken by Seller with respect to the
Retained Environmental Claim satisfies the requirements of all applicable
Environmental Laws and has been completed to the satisfaction of

                                       33
<PAGE>

the applicable Governmental Authority ; (b) pursuant to Sections 13.2(a) and
13.3(a), shall terminate when the applicable representation, warranty or
covenant terminates pursuant to Section 13.9; provided however, that such
obligations to indemnify and hold harmless shall not terminate with respect to
any item as to which the Indemnified Party shall have, before the expiration of
the applicable period, previously made a Claim by delivering a notice of such
Claim (stating in reasonable detail the basis of such Claim) to the Indemnifying
Party, and (c) pursuant to the other clauses Sections 13.2 and 13.3 shall not
terminate.

         13.5 Procedures Relating to Indemnification.

              (a) In order for either the Seller Indemnified Parties or the
Buyer Indemnified Parties ("Indemnified Party") to be entitled to any
indemnification by a Party ("Indemnifying Party") provided for under this
Agreement in respect of, arising out of or involving a Claim by a Third Person
("Third Person Claim") against the Indemnified Party, such Indemnified Party
must notify the Indemnifying Party in writing, and in reasonable detail, of the
Third Person Claim within ten (10) business days after receipt by such
Indemnified Party of written notice of the Third Person Claim; provided,
however, that failure to give such notification shall not affect the
indemnification provided hereunder except to the extent the Indemnifying Party
shall have been actually prejudiced as a result of such failure (except that the
Indemnifying Party shall not be liable for any expenses incurred during the
period in which the Indemnified Party failed to give such notice). Thereafter,
the Indemnified Party shall deliver to the Indemnifying Party, within five
business days after the Indemnified Party's receipt thereof, copies of all
notices and document (including court papers) received by the Indemnified Party
relating to the Third Person Claim.

              (b) If a Third Person Claim is made against an Indemnified Party,
the Indemnifying Party shall be entitled to participate in the defense thereof
and, if it so chooses and acknowledges its obligation to indemnify the
Indemnified Party for such Third Person Claim, to assume the defense thereof
with counsel selected by the Indemnifying Party; provided that such counsel is
not reasonably objected to by the Indemnified Party. Should the Indemnifying
Party so elect to assume the defense of a Third Person Claim, the Indemnifying
Party shall not be liable to the Indemnified Party for legal expenses
subsequently incurred by the Indemnified Party in connection with the defense
thereof. If the Indemnifying Party assumes such defense, the Indemnified Party
shall have the right to participate in the defense thereof and to employ counsel
(not reasonably objected to by the Indemnifying Party), at its own expense,
separate from the counsel employed by the Indemnifying Party, it being
understood that the Indemnifying Party shall control such defense. The
Indemnifying Party shall be liable for the fees and expenses of counsel employed
by the Indemnified Party for any period during which the Indemnifying Party has
failed to assume the defense thereof (other than during the period prior to the
time the Indemnified Party shall have given notice of the Third Person Claim as
provided above).

              (c) If the Indemnifying Party so elects to assume the defense of
any Third Person Claim, all of the indemnified parties shall cooperate with the
Indemnifying Party in the defense or prosecution thereof. Such cooperation shall
include the retention and (upon the Indemnifying Party's request) the provision
to the Indemnifying Party of records and information, which are reasonably

                                       34
<PAGE>

relevant to such Third Person Claim, and making employees available on a
mutually convenient basis to provide additional information and explanation of
any material provided hereunder. Whether or not the Indemnifying Party shall
have assumed the defense of a Third Person Claim, the Indemnified Party shall
not admit any liability with respect to, or settle, compromise or discharge,
such Third Person Claim without the Indemnifying Party's prior written consent
(which consent shall not be unreasonably withheld). If the Indemnifying Party
shall have assumed the defense of a Third Person Claim, the Indemnified Party
shall agree to any settlement, compromise or discharge of a Third Person Claim
which the Indemnifying Party may recommend and which by its terms obligates the
Indemnifying Party to pay the full amount of the liability in connection with
such Third Person Claim, which releases the Indemnifying Party completely in
connection with such Third Person Claim and which would not otherwise adversely
affect the Indemnified Party.

              (d) Notwithstanding the foregoing, the Indemnifying Party shall
not be entitled to assume the defense of any Third Person Claim (and shall be
liable for the fees and expenses of counsel incurred by the Indemnified Party in
defending such Third Person Claim) if the Third Person Claim seeks an order,
injunction or other equitable relief or relief for other than money damages
against the Indemnified Party which the Indemnified Party reasonably determines,
after conferring with its outside counsel, cannot be separated from any related
claim for money damages. If such equitable relief or other relief portion of the
Third Person Claim can be so separated from that for money damages, the
Indemnifying Party shall be entitled to assume the defense of the portion
relating to money damages. The indemnification required by Sections 13.1, 13.2
and 13.3 shall be made by periodic payments of the amount thereof during the
course of the investigation, remediation or defense, as and when bills are
received or loss, liability, claim, damage or expense is incurred. All claims
under Section 13.1, 13.2, or 13.3 other than Third Person Claims shall be
governed by Section 13.6 below.

         13.6. Other Claims. In the event any Indemnified Party should have a
claim against any Indemnifying Party under Section 13.1, 13.2 or 13.3 that does
not involve a Third Person Claim being asserted against or sought to be
collected from such Indemnified Party, the Indemnified Party shall deliver
notice of such Claim with reasonable promptness to the Indemnifying Party. The
failure by any Indemnified Party so to notify the Indemnifying Party shall not
relieve the Indemnifying Party from any liability that it may have to such
Indemnified Party under Section 13.1, 13.2 or 13.3, except to the extent that
the Indemnifying Party demonstrates that it has been materially prejudiced by
such failure. If the Indemnifying Party does not notify the Indemnified Party
within 20 calendar days following its receipt of such notice that the
Indemnifying Party disputes its liability to the Indemnified Party, under
Section 13.1, 13.2 or 13.3, such Claim specified by the Indemnified Party in
such notice shall be conclusively deemed a liability of the Indemnifying Party
under Section 13.1, 13.2 or 13.3 and the Indemnifying Party shall pay the amount
of such liability to the Indemnified Party on demand or, in the case of any
notice in which the amount of the Claim (or any portion thereof) is estimated,
on such later date when the amount of such Claim (or such portion thereof)
becomes finally determined. If the Indemnifying Party has timely disputed its
liability with respect to such Claim, as provided above, the Indemnifying Party,
and the Indemnified Party shall proceed in good faith to negotiate a resolution
of such dispute and, if not resolved through negotiations, such dispute shall be
resolved by litigation in an appropriate court of competent jurisdiction;
provided, however, that if

                                       35
<PAGE>

such dispute concerns indemnification for environmental matters under Section
13.1, it shall be submitted to arbitration in accordance with the procedures set
forth in Section 13.1.

         13.7. Mitigation. Buyer and Seller shall cooperate with each other with
respect to resolving any Claim with respect to which one Party is obligated to
indemnify the other party hereunder, including by making Reasonable Efforts to
mitigate or resolve any such Claim; provided that such Party shall not be
required to make such efforts if they would be detrimental in any material
respect to such Party. In the event that Buyer or Seller shall fail to make such
Reasonable Effort's to mitigate or resolve any Claim, then (unless the proviso
to the foregoing covenant shall be applicable) notwithstanding anything else to
the contrary contained herein, the other Party shall not be required to
indemnify any person for any Claim that could reasonably be expected to have
been avoided if Buyer or Seller, as the case may be, had made such efforts.

         13.8. Tax Treatment. Any payments made pursuant to this Section 13
shall be treated as purchase price adjustments by all Parties for tax purposes
to the extent permitted by Law.

         13.9. Survival of Representations, Warranties and Covenants. The
representations and warranties of Seller set forth in Sections 5.1, 5.2, 5.3 and
5.19 shall not terminate. All other representations, warranties and covenants of
Seller and Buyer in this Agreement and in any certificate delivered pursuant to
this Agreement shall survive the Effective Date and, except for the limitation
included in the second sentence of Section 5.17, shall terminate at the close of
business three (3) years following the Effective Date, except that because
specific indemnification rights and obligations are set forth in Section 13.1,
Sellers representations and warranties in Section 5.9 shall not survive the
Effective Date. All of the provisions of Sections 8, 13 and 15.12 will also
survive the Effective Date.

         13.10 Exclusive Remedy. The indemnification rights as set forth in this
Section 13 shall be the exclusive remedy available to the Parties for any
misrepresentation, breach of warranty, or breach of covenant under this
Agreement.

SECTION 14. NOTICE OF DEFAULT AND TERMINATION

         14.1. Notice of Default by Seller. Seller shall give written notice to
Buyer promptly after Seller obtains knowledge of or receives any notice claiming
or alleging the occurrence of:

               (a) Any breach or default, or event which notice or the passage
of time or both might constitute a breach or default, with respect to any
Assigned Contracts, Permits, or Rights-of-Way or similar rights relating to any
portion of the Facilities;

               (b) Any damage or losses reasonably estimated to exceed in the
aggregate of $100,000 with respect to the Assets;

               (c) Any circumstance, event or omission which would result in (i)
any of Seller's representations or warranties contained in this Agreement being
or becoming inaccurate or misleading, or (ii) the creation of any Lien on any of
the Assets except for any Permitted Encumbrance; or

                                       36
<PAGE>

               (d) Any breach by Seller of this Agreement.

         14.2. Notice of Default by Buyer. Buyer shall give written notice to
Seller promptly after Buyer obtains knowledge of or receives any notice claiming
or alleging the occurrence of:

               (a) Any circumstance, event or omission which would result in any
of Buyer's representations or warranties contained in this Agreement being or
becoming inaccurate or misleading; or

               (b) Any breach by Buyer of this Agreement.

         14.3. Breach of Representation or Warranty. If prior to Closing either
Seller or Buyer learns that any representation or warranty contained in Sections
5 or 6 is or has become untrue in any material respect, and the breaching Party
fails to cure the untrue representation and warranty within fifteen (15) days of
the notice (in which case the Closing Date will be extended to the extent
necessary to assure that such remedial action has been completed in such
manner), the non-breaching Party will have the right to terminate this Agreement
in addition to any other remedies to which it is entitled.

         14.4. Termination Prior to Closing.

               (a) Either Party may terminate this Agreement prior to Closing
upon written notice to the other Party:

                   (i)    in accordance with Sections 7.3, 7.4, 7.8 or 14.3; or

                   (ii)   if the Closing shall not have occurred on or before
                          June 30, 2001, other than due to the breach of this
                          Agreement by the Party giving such notice; or

                   (iii)  there shall be any failure by the other Party to fully
                          perform one or more of its other obligations under
                          this Agreement which are performable on or prior to
                          the Closing Date.

         14.5 Effect of Termination. Any termination pursuant to this Section 14
shall be without liability of or to any Party to this Agreement; provided,
however, that any such termination shall not relieve any Party from any
liability for such Party's breach of the provisions of this Agreement prior to
the date of termination.

SECTION 15. GENERAL PROVISIONS

         15.1. Further Assurances. At any time or from time to time at and after
the Closing, each of the Parties shall, at the request of the other, execute and
deliver or cause to be executed and delivered

                                       37
<PAGE>

all such assignments, consents, documents and instruments, and take or cause to
be taken all such other reasonable actions as may be necessary or desirable in
order to more fully and effectively carry out the intents and purposes of this
Agreement.

         15.2. Expenses.

               (a) Each Party shall pay and discharge all liabilities and
expenses incurred by or on behalf of it in connection with the preparation,
authorization, execution and performance of this Agreement and the transactions
contemplated herein, including but not limited to (i) all fees and expenses of
agents, representatives, counsel and accountants, and (ii) all amounts payable
with respect to any claim for brokerage or finder's fees or other commissions in
respect of the transactions contemplated by this Agreement based in any way on
any agreement, arrangement or understanding made by or on behalf of such Party.

               (b) Except as otherwise provided in Section 15.11, all other
legal expenses incurred by either Party after the date of this Agreement shall
be the responsibility of the Party incurring such expenses.

         15.3. Notices. All notices, requests, demands and other communications
required or permitted to be given under this Agreement shall be deemed to have
been duly given if in writing and delivered personally or received via
first-class, postage prepaid, registered or certified mail, by private overnight
courier service, or by facsimile addressed as follows:

               If to Seller:

                        TransMontaigne Terminaling Inc.
                        370 Seventeenth Street, Suite 2700
                        Denver, Colorado 80202
                        Telephone:    (303) 626-8200
                        Facsimile:     (303) 626-8228
                        Attn: President and General Counsel

               If to Buyer:

                        Williams Terminals Holdings, L.P.
                        One Williams Center, Mail Drop-720A
                        Tulsa, Oklahoma 74172
                        Telephone: (918) 573-3602
                        Facsimile: (918) 573-6865
                        Attn: Vice President

                                       38
<PAGE>

         15.4. Governing Law. EXCEPT WITH REGARD TO ANY REAL PROPERTY LAW
ISSUES, THIS AGREEMENT AND THE PERFORMANCE OF THE TRANSACTIONS CONTEMPLATED
HEREBY SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF COLORADO, WITHOUT REGARD TO ANY CONFLICT-OF-LAWS PROVISION
THEREOF THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER
JURISDICTION. WITH REGARD TO ANY REAL PROPERTY LAW ISSUES, THIS AGREEMENT AND
THE PERFORMANCE OF THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ARKANSAS,
WITHOUT REGARD TO ANY CONFLICT-OF-LAW PROVISION THEREOF THAT WOULD OTHERWISE
REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION.

         15.5. Entire Agreement. This Agreement together with the certificates,
documents, instruments and writings that are delivered pursuant hereto sets
forth the entire agreement and understanding of the Parties with respect of the
transaction contemplated hereby and supersedes all prior agreements,
arrangements and understandings relating to the subject matter hereof,
including, without limitation, the Letter of Intent dated May 17, 2001 between
the Parties. No representation, promise, inducement or statement of intention
with respect to the subject matter of this Agreement has been made by either
Party which is not embodied in this Agreement together with the certificates,
documents, instruments and writings that are delivered pursuant hereto, and
neither of the Parties shall be bound by or liable for any alleged
representation, promise, inducement or statement of intention not so set forth.

         15.6. No Assignment; Successors.All of the terms, covenants,
representations, warranties and conditions of this Agreement shall be binding
upon, and inure to the benefit of an be enforceable by, the Parties hereto and
their respective successors, but neither this Agreement nor the rights and
obligations of either of the Parties hereunder shall be assigned or otherwise
transferred to any Person without the prior written consent of the other Party,
which consent shall not be unreasonably withheld. Any assignment made without
obtaining such consent will be void.

         15.7. Amendments; Waiver. This Agreement may be amended, superseded or
canceled, and any of the terms hereof may be waived, only by a written
instrument specifically stating that it amends, supersedes or cancels this
Agreement or waives any of the terms herein, executed by both Parties or, in the
case of a waiver, by the Party waiving compliance. The failure of either Party
at any time to require performance of any provision herein shall in no manner
affect the right at a later time to enforce the same. No waiver by either Party
of any condition, or of any breach of any term, covenant, representation or
warranty, shall be deemed or constitute a waiver of any other condition, or
breach of any other term, covenant, representation or warranty, nor shall such
waiver constitute a continuing waiver unless otherwise expressly provided.

         15.8. Convenient Reference. Section headings contained in this
Agreement are for convenient reference only, and shall not in any way affect the
meaning or interpretation of this Agreement.

                                       39
<PAGE>

         15.9. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which shall
constitute one and the same instrument.

         15.10. No Third Person Beneficiaries. Nothing in this Agreement,
whether express or implied, is intended to confer any rights or remedies under
or by reason of this Agreement on any Person other than the Parties and their
respective permitted successors and assigns.

         15.11 Attorney Fees. A Party in breach of this Agreement shall, on
demand, indemnify and hold harmless the other Party for and against all
reasonable out-of-pocket expenses, including legal fees, incurred by such Party
by reason of the enforcement and protection of its rights under this Agreement
after entry of a final non-appealable order.

         15.12. Limitation on Liability. EXCEPT AS EXPRESSLY PROVIDED IN THIS
AGREEMENT, IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER HEREUNDER FOR
EXEMPLARY, PUNITIVE, INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES OF
ANY KIND, ARISING DIRECTLY OR INDIRECTLY FROM, INCIDENT TO, OR CONNECTED WITH
THE ASSETS OR THE SALE THEREOF, REGARDLESS OF SOLE OR CONCURRENT NEGLIGENCE,
STRICT LIABILITY, OR DEFECT IN PREMISES, EQUIPMENT OR MATERIAL, AND REGARDLESS
OF WHETHER PRE-EXISTING THIS SALE. This Section 15.12 shall in no way limit or
qualify (a) the Parties' indemnification obligations under Section 13 with
respect to Claims made against either or both of the Parties by a Third Person
or (b) the Buyer's right to be fully indemnified and held harmless from and
against all consequential damages sustained or incurred by Buyer as the result
of pipeline Right-of-Way Claims asserted by Buyer no later than October 31,
2001.

                                       40
<PAGE>

         IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of
the date first set forth above.

                                     TRANSMONTAIGNE INC.

                                     By:  /s/ Mark S. Huff
                                        ----------------------------------------
                                        Mark S. Huff, Vice President

                                     WILLIAMS TERMINALS HOLDINGS, L.P.
                                     By:  Williams NGL, LLC, its General Partner

                                     By:  /s/ Jay A. Wiese
                                        ----------------------------------------
                                        Jay A. Wiese, Vice President

                                       41

<PAGE>

        SCHEDULE 2.1(a) - DESCRIPTION OF REAL PROPERTY AND RIGHTS OF WAY

ATTACHED TO AND MADE A PART OF THAT CERTAIN FACILITIES SALE AGREEMENT DATED JUNE
   30, 2001 BETWEEN WILLIAMS TERMINALS HOLDINGS, L.P. AND TRANSMONTAIGNE INC.

(A)      Real Property

         (1) South Terminal Facility

                  A part of the northwest quarter of the northwest quarter (NW
         1/4 NW 1/4) of Section 27 and a part of the northeast quarter of the
         northeast quarter (NE 1/4 NE 1/4) of Section 28, all in Township 2
         North, Range 11 West, Pulaski County, Arkansas, being more particularly
         described as follows:

                  Commencing at the SE Corner of said NW 1/4 of the NW 1/4,
         Section 27, thence N 89 degrees 14 minutes 00 seconds W, along the
         South line of said NW 1/4 of the NW 1/4, 81.29 feet to the west Right
         of Way of Interstate 40 Overpass Road (Airport Road) for the Point of
         Beginning. Thence continue N 89 degrees, 14 minutes, 00 seconds W,
         along said South line, 1233.63 feet to the SW Corner of said NW 1/4 of
         the NW 1/4; thence N 89 degrees 44 minutes, 09 seconds W, along the
         south line of said NE 1/4 of the NE 1/4, Section 28, 157.82 feet to the
         high bank of a slough; thence N 23 degrees 08 minutes 28 seconds W
         along said high bank of a slough, 484.37 feet to the south Right of Way
         line of Interstate 40; thence N 81 degrees, 31 minutes, 00 seconds E,
         along said south Right of Way, 1434.06 feet to the west Right of Way
         line of Overpass Road (Airport Road); thence S 14 degrees, 10 minutes,
         24 seconds E, along said west Right of Way line, 625.14 feet; thence
         continue along said west Right of Way line S 08 degrees, 34 minutes, 07
         seconds E, 68.84 feet to the Point of Beginning. Containing 18.48
         (804.852 Sq. Ft.) more of less, and also described as Lot 1,
         Transmontaigne Addition in the Bill of Assurance dated November 10,
         1998, Instrument No. 98-90649 and on Plat No. F-387, both filed of
         record on November 16, 1998 with the Circuit County Recorder in the
         County of Pulaski, State of Arkansas, which Lot 1, "Transmontaigne
         Addition", also includes Lots 1 and 2, "Airport Road Addition", as
         described in the Plat and Bill of Assurance of Lot 1 and 2, Airport
         Road Addition, dated April 8, 1994 and filed in the records of Pulaski
         County as Instrument No. 94-26809 on April 12, 1994.

         (2) North Terminal Facility

                  Beginning at a 3/4-inch pipe at the Southeast corner of the SW
         1/4 of Section 22, Township 2 North, Range 11 West, Pulaski county,
         Arkansas; thence South 00 degrees 48 minutes West along the East line
         of the NW 1/4 of Section 27 for 41.16 feet

<PAGE>

         to the North right-of-way line of interstate highway #40; thence
         South 81 degrees 31 minutes West along said right-of-way for 1419.56
         feet to a 3/4-inch pipe at the intersection of the North right-of-way
         line of interstate highway #40 and the East right-of-way line of an
         access road to the North; thence North 13 degrees 15 minutes West along
         the said East right-of-way line of the access road to the North and its
         extension for 774.82 feet to a boat spike; thence East for 1583.68 feet
         to a 3/4-inch pipe on the East line of the SW 1/2 of Section 22; thence
         South 00 degrees 10 minutes West along said East line for 503.64 feet
         to the point of beginning. The foregoing tract is situated in the SW
         1/4 of Section 22 and the NW 1/4 of Section 27, Township 2 North, Range
         11 West, Pulaski County, Arkansas and does contain 22.487 acres, more
         or less.

(B)      Together with the following Rights-of-Way and Easements:

         (1) All rights and privileges and appurtenances thereto, including the
         following as conveyed to Shell Oil Company in that Deed by Texas
         Eastern Transmission Corporation dated November 10, 1978, recorded as
         Instrument No. 78-46309 in the Office of the Recorder of Pulaski
         County, Arkansas; (1) a 16-inch underground pipeline located within the
         premises hereinabove conveyed and within the easement granted to
         Grantor in said Deed, (2) a 2-inch water line, (3) the right to receive
         water through a 4-inch line and (4) the right to use the access road
         from U.S. Highway 70; but subject however to the covenants and
         conditions as set forth in the aforesaid Deed, and as all of the
         aforesaid were conveyed by Shell Oil Company to continental Ozark, Inc.
         in Warranty Deed dated November 10, 1978, recorded as Instrument No.
         78-46310 in the records of Pulaski County, Arkansas;

         (2) The right of ingress and egress as set forth in Easement and
         Right-of-Way from TE Products Pipeline Company to COZ Terminaling,
         Inc., recorded September 26, 1996 as Instrument No. 96-67609;

         (3) The right of access between controlled access highway and
         contiguous land, contained in Warranty Deed executed February 26, 1959,
         by Texas Eastern Transmission Corporation, recorded in Deed Book 689 at
         page 477 in records of Pulaski County, Arkansas; and

         (4) The Pipe Line Easement dated June 24, 1960, granted by Texas
         Eastern Transmission Corporation to Gulf Oil Corporation, recorded in
         Book 737 at page 443 in the records of Pulaski County, Arkansas, which
         easement was conveyed to North Little Rock Terminaling Com.
         (predecessor in interest to TransMontaigne Terminaling Inc.) by Chevron
         U.S.A. Products Company, a Division of Chevron U.S.A. Inc., by Special
         Warranty Deed dated May 7, 1993, recorded May 13, 1993 as document
         93-30319, as an appurtenance to the aforesaid South Terminal Facility
         Real Property.

<PAGE>

          SCHEDULE 2.1(b) AND (c) - PERSONAL PROPERTY AND IMPROVEMENTS

  ATTACHED TO AND MADE A PART OF THAT CERTAIN FACILITIES SALE AGREEMENT DATED
           JUNE 30, 2001 BETWEEN WILLIAMS TERMINALS HOLDINGS, L.P. AND
                               TRANSMONTAIGNE INC.

INVENTORY LIST

TRANSMONTAIGNE TERMINALING - NORTH TERMINAL

TANKAGE

101 - HSD                109 - TEXACO SYSTEM 3 GAS ADDITIVE (TEXACO OWNS)
102 - LSD                ALL ASSOCIATED PIPING AND INJECTORS
103 - LSD                110 - GENERIC ADDITIVE - 8000 GALLON TANK
104 - PREMIUM 93         111 - TRANSMIX
105 - NOLEAD             112 - RED DYE ADDITIVE 2 - 500 GALLON TANKS
1 - 6 BUTANE             DROP OUT TANK FOR VCU
7 - PROPANE              PROPANE TANK FOR VCU (AMERIGAS OWNS)

EQUIPMENT

JOHN ZINK FLARE
MCGILL VAPOR RECOVERY UNIT - NOT OPERABLE
OIL-WATER SEPARATOR
KOEHLER FLASH TESTER
SOLARTRON
GRABNER RVP TESTER
2 WHEELED FIRE EXTINGUISHERS
PORTABLE FIRE EXTINGUISHERS
GUARDIAN 2 AUTOMATION SYSTEM COMPUTER 16" LINE FROM TEPPCO TO RECEIVING MANIFOLD
5 - 12" TWIN SEAL MANIFOLD VALVES 5 - 4" TWIN SEAL VALVES (MANUAL VALVES)
2 - 6" GAS AND DSL TRANSFER LINES THAT CONNECT THE NORTH AND SOUTH TERMINALS
1 - 3" BUTANE LINE THAT CONNECTS THE NORTH AND SOUTH TERMINALS
1 - 75 HP TRANSFER PUMP AND MOTOR

BUILDINGS

STORAGE BUILDING 5 X 5
CUT SHACK 10 X 8
OFFIC/WAREHOUSE 30 X 96
2 BAY LOADING RACK

SUPPLIES

CLEANING SUPPLIES AND TOILETRIES
VARIOUS OFFICE SUPPLIES

<PAGE>

INVENTORY LIST

TRANSMONTAIGNE TERMINALING - SOUTH TERMINAL

TANKAGE

501 - LSD                509 - TEXACO SYSTEM 3 GAS ADDITIVE (TEXACO OWNS)
502 - NOLEAD             ALL ASSOCIATED PIPING AND INJECTORS
503 - HSD                510 - GENERIC ADDITIVE 10,000 GALLON TANK
504 - LSD                511 - TEXACO PREM. DSL ADDITIVE (TEXACO OWNS)
505 - TRANSMIX           ALL ASSOCIATED PIPING AND INJECTORS
506 - PREMIUM 93         513 - RED DYE ADDITIVE
507 - TRANSMIX           010 - CHEVRON ENVIRONMENTAL RECOVERY (CHEVRON OWNS)
508 - NOLEAD             PROPANE TANK FOR VCU  (AMERIGAS OWNS)
                         DROP OUT TANK FOR VCU

<Table>
<S>                                                             <C>
EQUIPMENT                                                       TOOLS

16" LINE FROM TEPPCO TO RECEIVING MANIFOLD                      STOCK SUPPLY - NUTS, BOLTS, WASHERS AND FITTINGS
L2900 KUBOTA TRACTOR                                            ASSORTED SIZES OF WRENCHES AND PIPE WRENCHES
LAND PRIDE FINISH MOWER                                         VARIOUS SPARE PARTS
BUSHWACKER BUSH HOG                                             VARIOUS SHOVELS, RAKES AND BROOMS
2 HOMELITE WEEDEATERS
TSURUMI AC GENERATOR                                            SUPPLIES
SMALL PORTABLE PRESSURE WASHER
MUD PUMP                                                        CLEANING SUPPLIES AND TOILETRIES
BATTERY CHARGER                                                 VARIOUS OFFICE SUPPLIES
CAMPBELL HAUSFELD PORTABLE AIR COMPRESSOR
HEAVY DUTY DRILL PRESS                                          BUILDINGS
INGERSOL-RAND GRINDER
DIXIE CHOPPER 72" CUT                                           WAREHOUSE 30 X 60
2 COMPRESSOR UNIT MODEL# 30 CAV1OV                              WAREHOUSE, OFFICE WITH LOADING DOCK 60 X 120
PENSKY-MARTENS FLASH TESTER                                     WAREHOUSE/DRIVER BUILDING 32 X 16
VAPOR FREE SAMPLER                                              STORAGE SHED 10 X 8
GRABNER RVP TESTER                                              CUT SHACK 10 X 8 WITH VAPOR FREE SAMPLER
VARIOUS 2" - 8" PIPING                                          2 BAY LOADING RACK
4 WHEELED FIRE EXTINGUISHERS
32 PORTABLE FIRE EXTINGUISHERS
3 LONG TABLES AND CHAIRS
BUILT IN DESKS AND CABINETRY
1 DESK
1 CUBICLE
GUARDIAN 2 AUTOMATION SYSTEM COMPUTER
GUARDIAN 1 COMPUTER FOR LION INVENTORY AND METER READINGS
1 TANGET COMPUTER
1 CBT COMPUTER
MCGILL VRU - NOT IN SERVICE
JOHN ZINK VCU
1 - 50 HP TRANSFER PUMP AND MOTOR
</Table>

<PAGE>

NORTH TERMINAL

NORTH LITTLE ROCK, AR
EQUIPMENT LIST

<Table>
<Caption>
=====================================================================================================================
      EQUIPMENT VENDOR               EQUIPMENT DESCRIPTION                  MODEL NAME              MODEL #
=====================================================================================================================
<S>                          <C>                                           <C>                   <C>
Diamond                      Guardian/2 System                                  G2

---------------------------------------------------------------------------------------------------------------------
Smith/Prime                  N-87 Meter                                        Prime
---------------------------------------------------------------------------------------------------------------------
Smith/Prime                  89,91,93 Orem/Blend Meter                          N/A
---------------------------------------------------------------------------------------------------------------------
Smith/Prime                  N-87 Meter                                         N/A
---------------------------------------------------------------------------------------------------------------------
Smith/Prime                  LSD/RED Meter                                      N/A
---------------------------------------------------------------------------------------------------------------------
Smith/Prime                  LSD Meter                                          N/A
---------------------------------------------------------------------------------------------------------------------
Smith/PD                     HSD Meter                                          F4
---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------
Smith                        N-87 Preset                                    Electronic          Accuload-RBM
---------------------------------------------------------------------------------------------------------------------
Smith                        89,91,93 Orem/Blend Preset                     Electronic          Accuload-RBM
---------------------------------------------------------------------------------------------------------------------
Smith                        N-87 Preset                                    Electronic          Accuload-RBM
---------------------------------------------------------------------------------------------------------------------
Smith                        LSD/RED Preset                                 Electronic          Accuload-RBM
---------------------------------------------------------------------------------------------------------------------
Smith                        LSD Preset                                     Electronic          Accuload-RBM
---------------------------------------------------------------------------------------------------------------------
Smith                        HSD Preset                                     Electronic          Accuload-RBM
---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------
Temp. Probe                  N-87 Temp. Probe                                100 OHMS
---------------------------------------------------------------------------------------------------------------------
Temp. Probe                  89,91,93 Orem/Blend Temp. Probe                 100 OHMS
---------------------------------------------------------------------------------------------------------------------
Temp. Probe                  N-87 Temp. Probe                                100 OHMS
---------------------------------------------------------------------------------------------------------------------
Temp. Probe                  LSD/RED Temp. Probe                             100 OHMS
---------------------------------------------------------------------------------------------------------------------
Temp. Probe                  LSD Temp. Probe                                 100 OHMS
---------------------------------------------------------------------------------------------------------------------
Temp. Probe                  HSD Temp. Probe                                 100 OHMS
---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------
Smith/Prime                  N-87 Meter                                        Prime
---------------------------------------------------------------------------------------------------------------------
Smith/Prime                  89,91,93 Orem/Blend Meter                          N/A
---------------------------------------------------------------------------------------------------------------------
Smith/Prime                  N-87 Meter                                         N/A
---------------------------------------------------------------------------------------------------------------------
Smith/Prime                  LSD/RED Meter                                      N/A
---------------------------------------------------------------------------------------------------------------------

<Caption>

====================================================================================
      EQUIPMENT VENDOR       VERSION #     SPECIFIC LOCATION
====================================================================================
<S>                          <C>           <C>
Diamond                        3.01        3222 Central Airport N. Little Rock, AR
                                           72117
------------------------------------------------------------------------------------
Smith/Prime                   size 4       Lane 1, Meter 1
------------------------------------------------------------------------------------
Smith/Prime                   size 4       Lane 1, Meter 2
------------------------------------------------------------------------------------
Smith/Prime                   size 4       Lane 1, Meter 3
------------------------------------------------------------------------------------
Smith/Prime                   size 4       Lane 1, Meter 4
------------------------------------------------------------------------------------
Smith/Prime                   size 4       Lane 1, Meter 5
------------------------------------------------------------------------------------
Smith/PD                      size 4       Lane 1, Meter 6
------------------------------------------------------------------------------------

------------------------------------------------------------------------------------
Smith                                      Lane 1, Meter 1
------------------------------------------------------------------------------------
Smith                                      Lane 1, Meter 2
------------------------------------------------------------------------------------
Smith                                      Lane 1, Meter 3
------------------------------------------------------------------------------------
Smith                                      Lane 1, Meter 4
------------------------------------------------------------------------------------
Smith                                      Lane 1, Meter 5
------------------------------------------------------------------------------------
Smith                                      Lane 1, Meter 6
------------------------------------------------------------------------------------

------------------------------------------------------------------------------------
Temp. Probe                                Lane 1, Meter 1,  Meter
------------------------------------------------------------------------------------
Temp. Probe                                Lane 1, Meter 2,  Meter
------------------------------------------------------------------------------------
Temp. Probe                                Lane 1, Meter 3,  Meter
------------------------------------------------------------------------------------
Temp. Probe                                Lane 1, Meter 4,  Meter
------------------------------------------------------------------------------------
Temp. Probe                                Lane 1, Meter 5,  Meter
------------------------------------------------------------------------------------
Temp. Probe                                Lane 1, Meter 6,  Meter
------------------------------------------------------------------------------------

------------------------------------------------------------------------------------
Smith/Prime                   size 4       Lane 2, Meter 1
------------------------------------------------------------------------------------
Smith/Prime                   size 4       Lane 2, Meter 2
------------------------------------------------------------------------------------
Smith/Prime                   size 4       Lane 2, Meter 3
------------------------------------------------------------------------------------
Smith/Prime                   size 4       Lane 2, Meter 4
------------------------------------------------------------------------------------
</Table>

North Terminal

NORTH LITTLE ROCK, AR
EQUIPMENT LIST

<PAGE>

<Table>
<Caption>
=========================================================================================================================
      EQUIPMENT VENDOR               EQUIPMENT DESCRIPTION                  MODEL NAME                   MODEL #
=========================================================================================================================
<S>                          <C>                                            <C>                 <C>
Smith/Prime                  LSD Meter                                          N/A
-------------------------------------------------------------------------------------------------------------------------
Smith/PD                     HSD Meter                                          F4
-------------------------------------------------------------------------------------------------------------------------
Smith                        N-87 Preset                                    Electronic          Accuload-RBM
-------------------------------------------------------------------------------------------------------------------------
Smith                        89,91,93 Orem/Blend Preset                     Electronic          Accuload-RBM
-------------------------------------------------------------------------------------------------------------------------
Smith                        N-87 Preset                                    Electronic          Accuload-RBM
-------------------------------------------------------------------------------------------------------------------------
Smith                        LSD/RED Preset                                 Electronic          Accuload-RBM
-------------------------------------------------------------------------------------------------------------------------
Smith                        LSD Preset                                     Electronic          Accuload-RBM
-------------------------------------------------------------------------------------------------------------------------
Smith                        HSD Preset                                     Electronic          Accuload-RBM
-------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------
Temp. Probe                  N-87 Temp. Probe                                100 OHMS
-------------------------------------------------------------------------------------------------------------------------
Temp. Probe                  89,91,93 Orem/Blend Temp. Probe                 100 OHMS
-------------------------------------------------------------------------------------------------------------------------
Temp. Probe                  N-87 Temp. Probe                                100 OHMS
-------------------------------------------------------------------------------------------------------------------------
Temp. Probe                  LSD/RED Temp. Probe                             100 OHMS
-------------------------------------------------------------------------------------------------------------------------
Temp. Probe                  LSD Temp. Probe                                 100 OHMS
-------------------------------------------------------------------------------------------------------------------------
Temp. Probe                  HSD Temp. Probe                                 100 OHMS
-------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------
ICM                          Additive Injector                            Texaco System 3       3110
-------------------------------------------------------------------------------------------------------------------------
ICM                          Additive Injector                           Chevron - OGA 402      3110
-------------------------------------------------------------------------------------------------------------------------
ICM                          Additive Injector                            Morton Red BD50       3110
-------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------
M&J Level Transmitter        Automatic Tank Gauge                           Butane Only
-------------------------------------------------------------------------------------------------------------------------

=========================================================================================================================

<Caption>

======================================================================
      EQUIPMENT VENDOR        VERSION #     SPECIFIC LOCATION
======================================================================
<S>                           <C>           <C>
Smith/Prime                    size 4       Lane 2, Meter 5
----------------------------------------------------------------------
Smith/PD                       size 4       Lane 2, Meter 6
----------------------------------------------------------------------
Smith                                       Lane 2, Meter 1
----------------------------------------------------------------------
Smith                                       Lane 2, Meter 2
----------------------------------------------------------------------
Smith                                       Lane 2, Meter 3
----------------------------------------------------------------------
Smith                                       Lane 2, Meter 4
----------------------------------------------------------------------
Smith                                       Lane 2, Meter 5
----------------------------------------------------------------------
Smith                                       Lane 2, Meter 6
----------------------------------------------------------------------

----------------------------------------------------------------------
Temp. Probe                                 Lane 2, Meter 1,  Meter
----------------------------------------------------------------------
Temp. Probe                                 Lane 2, Meter 2,  Meter
----------------------------------------------------------------------
Temp. Probe                                 Lane 2, Meter 3,  Meter
----------------------------------------------------------------------
Temp. Probe                                 Lane 2, Meter 4,  Meter
----------------------------------------------------------------------
Temp. Probe                                 Lane 2, Meter 5,  Meter
----------------------------------------------------------------------
Temp. Probe                                 Lane 2, Meter 6,  Meter
----------------------------------------------------------------------

----------------------------------------------------------------------

----------------------------------------------------------------------
ICM
----------------------------------------------------------------------
ICM
----------------------------------------------------------------------
ICM
----------------------------------------------------------------------

----------------------------------------------------------------------
M&J Level Transmitter
======================================================================
</Table>

<PAGE>

North Terminal

NORTH LITTLE ROCK, AR
EQUIPMENT LIST

<Table>
<Caption>
===========================================================================================================================
      EQUIPMENT VENDOR                     Equipment Description                     MODEL NAME               MODEL #
===========================================================================================================================
<S>                          <C>                                                     <C>                  <C>
Tank Valves Motor Operated:  None
---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------
 N/A                         Tank 101 Rack Pump Motor, HSD                              25 hp
---------------------------------------------------------------------------------------------------------------------------
Siemens                      Tank 102 Rack Pump Motor, LSD                              50 hp
---------------------------------------------------------------------------------------------------------------------------
Siemens                      Tank 103 Rack Pump Motor, LSD                              50 hp
---------------------------------------------------------------------------------------------------------------------------
Siemens                      Tank 104 Rack Pump Motor, 93                               50 hp
---------------------------------------------------------------------------------------------------------------------------
US Electric                  Tank 105 Rack Pump Motor, 87                               40 hp
---------------------------------------------------------------------------------------------------------------------------
Baldor                       Tank 109 Rack Pump Motor, Tex Add                          2 hp
---------------------------------------------------------------------------------------------------------------------------
Baldor                       Tank 110 Rack Pump Motor, Gen Add                          2 hp
---------------------------------------------------------------------------------------------------------------------------
Baldor                       Tank 112 Rack Pump Motor, Red Dye                          2 hp
---------------------------------------------------------------------------------------------------------------------------
Siemens                      Tank 1 Rack Pump Motor, Butane                             30 hp
---------------------------------------------------------------------------------------------------------------------------
Siemens                      Tank 2 Rack Pump Motor, Butane                             20 hp
---------------------------------------------------------------------------------------------------------------------------
 N/A                         Tank 3 Rack Pump Motor, Butane
---------------------------------------------------------------------------------------------------------------------------
 N/A                         Tank 4 Rack Pump Motor, Butane
---------------------------------------------------------------------------------------------------------------------------
 N/A                         Tank 5 Rack Pump Motor, Butane
---------------------------------------------------------------------------------------------------------------------------
 N/A                         Tank 6 Rack Pump Motor, Butane
---------------------------------------------------------------------------------------------------------------------------
 N/A                         Tank 7 Rack Pump Motor, Butane
---------------------------------------------------------------------------------------------------------------------------
 N/A                         Tank 111 Rack Pump Motor, T-Mix
---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------
N/A                          Tank 101 Rack Pump , HSD
---------------------------------------------------------------------------------------------------------------------------
Gorman-Ruff                  Tank 102 Rack Pump , LSD                           Impeller Dia. 13 1/4
---------------------------------------------------------------------------------------------------------------------------
Allis- Chalmers              Tank 103 Rack Pump , LSD                             Impeller Dia. 13
---------------------------------------------------------------------------------------------------------------------------
Gorman-Ruff                  Tank 104 Rack Pump , 93                            Impeller Dia. 13 1/4
---------------------------------------------------------------------------------------------------------------------------
Goulds                       Tank 105 Rack Pump , 87                              Impeller Dia. 13
---------------------------------------------------------------------------------------------------------------------------
ASI AF483-T                  Tank 109 Rack Pump , Tex Add                      Impeller Dia. Mag Drive
---------------------------------------------------------------------------------------------------------------------------
ASI AF483-T                  Tank 110 Rack Pump , Gen Add                      Impeller Dia. Mag Drive
===========================================================================================================================
North Terminal
---------------------------------------------------------------------------------------------------------------------------
NORTH LITTLE ROCK, AR
---------------------------------------------------------------------------------------------------------------------------
EQUIPMENT LIST
---------------------------------------------------------------------------------------------------------------------------

<Caption>

====================================================================
      EQUIPMENT VENDOR       VERSION#          Specific Location
====================================================================
<S>                          <C>               <C>
Tank Valves Motor Operated:
--------------------------------------------------------------------

--------------------------------------------------------------------
 N/A                                           Tank 101
--------------------------------------------------------------------
Siemens                                        Tank 102
--------------------------------------------------------------------
Siemens                                        Tank 103
--------------------------------------------------------------------
Siemens                                        Tank 104
--------------------------------------------------------------------
US Electric                                    Tank 105
--------------------------------------------------------------------
Baldor                                         Tank 109
--------------------------------------------------------------------
Baldor                                         Tank 110
--------------------------------------------------------------------
Baldor                                         Tank 112
--------------------------------------------------------------------
Siemens                                        Tank 1
--------------------------------------------------------------------
Siemens                                        Tank 2
--------------------------------------------------------------------
 N/A                                           Tank 3
--------------------------------------------------------------------
 N/A                                           Tank 4
--------------------------------------------------------------------
 N/A                                           Tank 5
--------------------------------------------------------------------
 N/A                                           Tank 6
--------------------------------------------------------------------
 N/A                                           Tank 7
--------------------------------------------------------------------
 N/A                                           Tank 111
--------------------------------------------------------------------

--------------------------------------------------------------------
N/A                                            Tank 101
--------------------------------------------------------------------
Gorman-Ruff                                    Tank 102
--------------------------------------------------------------------
Allis- Chalmers                                Tank 103
--------------------------------------------------------------------
Gorman-Ruff                                    Tank 104
--------------------------------------------------------------------
Goulds                                         Tank 105
--------------------------------------------------------------------
ASI AF483-T                                    Tank 109
--------------------------------------------------------------------
ASI AF483-T                                    Tank 110
====================================================================
North Terminal
--------------------------------------------------------------------
NORTH LITTLE ROCK, AR
--------------------------------------------------------------------
EQUIPMENT LIST
--------------------------------------------------------------------
</Table>

<PAGE>

<Table>
<Caption>
=========================================================================================================================
      EQUIPMENT VENDOR                     Equipment Description                     MODEL NAME               MODEL #
=========================================================================================================================
<S>                          <C>                                               <C>                         <C>
ASI AF483-T                  Tank 112 Rack Pump , Red Dye                      Impeller Dia. Mag Drive
=========================================================================================================================
N/A                          Tank 5 Rack Pump , Butane
-------------------------------------------------------------------------------------------------------------------------
N/A                          Tank 6 Rack Pump , Butane
-------------------------------------------------------------------------------------------------------------------------
N/A                          Tank 7 Rack Pump , Butane
-------------------------------------------------------------------------------------------------------------------------
N/A                          Tank 111 Rack Pump , T-Mix
-------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------
Alarm                        Tank 1                                                    Butane
-------------------------------------------------------------------------------------------------------------------------
Alarm                        Tank 2                                                    Butane
-------------------------------------------------------------------------------------------------------------------------
Alarm                        Tank 3                                                    Butane
-------------------------------------------------------------------------------------------------------------------------
Alarm                        Tank 4                                                    Butane
-------------------------------------------------------------------------------------------------------------------------
Alarm                        Tank 5                                                    Butane
-------------------------------------------------------------------------------------------------------------------------
Alarm                        Tank 6                                                    Butane
-------------------------------------------------------------------------------------------------------------------------
Alarm                        Tank 7                                                    Butane
-------------------------------------------------------------------------------------------------------------------------
Canon                        Copier                                                    NP6016           NDF-13893
Canon                        Fax Machine                                                                CFX-L4000
CCTV                         4 Channel, color w/VHS recorder
Goulds                       North-to South Transfer pump                              3X4X10
Seimens                      North-to-South Transfer pump motor                         75hp
Allen Bradley                SLC 5/03; 13 slot rack                                   1747 L532
Allen Bradley                SLC 5/04; 10 slot rack                                   1747 L541
Allen Bradley                SCL 5/03; 13 slot rack                                   1747 L532
3Com                         Superstack II data hub                                    3C250L
=========================================================================================================================

<Caption>

======================================================================
      EQUIPMENT VENDOR           VERSION#          Specific Location
======================================================================
<S>                           <C>                  <C>
ASI AF483-T                                        Tank 112
======================================================================
N/A                                                Tank 5
----------------------------------------------------------------------
N/A                                                Tank 6
----------------------------------------------------------------------
N/A                                                Tank 7
----------------------------------------------------------------------
N/A                                                Tank 111
----------------------------------------------------------------------

----------------------------------------------------------------------
Alarm                        High Level Alarm      Tank 1
----------------------------------------------------------------------
Alarm                        High Level Alarm      Tank 2
----------------------------------------------------------------------
Alarm                        High Level Alarm      Tank 3
----------------------------------------------------------------------
Alarm                        High Level Alarm      Tank 4
----------------------------------------------------------------------
Alarm                        High Level Alarm      Tank 5
----------------------------------------------------------------------
Alarm                        High Level Alarm      Tank 6
----------------------------------------------------------------------
Alarm                        High Level Alarm      Tank 7
----------------------------------------------------------------------
Canon
Canon
CCTV
Goulds
Seimens
Allen Bradley
Allen Bradley
Allen Bradley
3Com
======================================================================
</Table>

<PAGE>

SOUTH TERMINAL

NORTH LITTLE ROCK, AR

EQUIPMENT LIST

<Table>
<Caption>
====================================================================================================
     EQUIPMENT VENDOR            EQUIPMENT DESCRIPTION            MODEL NAME            MODEL #
----------------------------------------------------------------------------------------------------
<S>                       <C>                                     <C>                <C>
Diamond                   Guardian/2 System                           G2

----------------------------------------------------------------------------------------------------
Brooks                    N87 Meter                                 Turbine
----------------------------------------------------------------------------------------------------
Brooks                    N89,91,93 Prem/Blend Meter                Turbine
----------------------------------------------------------------------------------------------------
Brooks                    N-87 Meter                                Turbine
----------------------------------------------------------------------------------------------------
Brooks                    LSD Meter                                 Turbine
----------------------------------------------------------------------------------------------------
Brooks                    LSD Meter                                 Turbine
----------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------
Brooks                    N87 Preset                                  IMS
----------------------------------------------------------------------------------------------------
Brooks                    N89,91,93 Prem/Blend Preset                 IMS
----------------------------------------------------------------------------------------------------
Brooks                    N-87 Preset                                 IMS
----------------------------------------------------------------------------------------------------
Brooks                    LSD Preset                                  IMS
----------------------------------------------------------------------------------------------------
Brooks                    LSD Preset                                  IMS
----------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------
Temp. Probe               N87 Temp. Probe                         RTD in Ohms
----------------------------------------------------------------------------------------------------
Temp. Probe               N89,91,93 Prem/Blend Temp. Probe        RTD in Ohms
----------------------------------------------------------------------------------------------------
Temp. Probe               N87 Temp. Probe                         RTD in Ohms
----------------------------------------------------------------------------------------------------
Temp. Probe               LSD Temp. Probe                         RTD in Ohms
----------------------------------------------------------------------------------------------------
Temp. Probe               LSD Temp. Probe                         RTD in Ohms
----------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------
Brooks                    N87 Meter                                 Turbine
----------------------------------------------------------------------------------------------------
Brooks                    N89,91,93 Orem/Blend Meter                Turbine
----------------------------------------------------------------------------------------------------
Brooks                    N87 Meter                                 Turbine
----------------------------------------------------------------------------------------------------
Brooks                    LSD/RED Meter                             Turbine
----------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------
Brooks                    N87 Preset                                  IMS
----------------------------------------------------------------------------------------------------
Brooks                    N89,91,93 Orem/Blend Preset                 IMS
----------------------------------------------------------------------------------------------------
Brooks                    N87 Preset                                  IMS
====================================================================================================
SOUTH TERMINAL
----------------------------------------------------------------------------------------------------
NORTH LITTLE ROCK, AR
----------------------------------------------------------------------------------------------------
EQUIPMENT LIST
====================================================================================================

<Caption>

===============================================================================
     EQUIPMENT VENDOR     VERSION #  SPECIFIC LOCATION
-------------------------------------------------------------------------------
<S>                       <C>        <C>
Diamond                     3.01     2725 Central Airport N. Little Rock, AR
                                     72117
-------------------------------------------------------------------------------
Brooks                     size 4    Lane 1, Meter 1
-------------------------------------------------------------------------------
Brooks                     size 4    Lane 1, Meter 2
-------------------------------------------------------------------------------
Brooks                     size 4    Lane 1, Meter 3
-------------------------------------------------------------------------------
Brooks                     size 4    Lane 1, Meter 4
-------------------------------------------------------------------------------
Brooks                     size 4    Lane 1, Meter 5
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
Brooks                               Lane 1, Meter 1
-------------------------------------------------------------------------------
Brooks                               Lane 1, Meter 2
-------------------------------------------------------------------------------
Brooks                               Lane 1, Meter 3
-------------------------------------------------------------------------------
Brooks                               Lane 1, Meter 4
-------------------------------------------------------------------------------
Brooks                               Lane 1, Meter 5
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
Temp. Probe                          Lane 1, Meter 1,  Meter
-------------------------------------------------------------------------------
Temp. Probe                          Lane 1, Meter 2,  Meter
-------------------------------------------------------------------------------
Temp. Probe                          Lane 1, Meter 3,  Meter
-------------------------------------------------------------------------------
Temp. Probe                          Lane 1, Meter 4,  Meter
-------------------------------------------------------------------------------
Temp. Probe                          Lane 1, Meter 5,  Meter
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
Brooks                     size 4    Lane 2, Meter 1
-------------------------------------------------------------------------------
Brooks                     size 4    Lane 2, Meter 2
-------------------------------------------------------------------------------
Brooks                     size 4    Lane 2, Meter 3
-------------------------------------------------------------------------------
Brooks                     size 4    Lane 2, Meter 4
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
Brooks                               Lane 2, Meter 1
-------------------------------------------------------------------------------
Brooks                               Lane 2, Meter 2
-------------------------------------------------------------------------------
Brooks                               Lane 2, Meter 3
===============================================================================
SOUTH TERMINAL
-------------------------------------------------------------------------------
NORTH LITTLE ROCK, AR
-------------------------------------------------------------------------------
EQUIPMENT LIST
===============================================================================
</Table>

<PAGE>

<Table>
<Caption>
=======================================================================================================
     EQUIPMENT VENDOR            EQUIPMENT DESCRIPTION            MODEL NAME            MODEL #
=======================================================================================================
<S>                       <C>                                <C>                  <C>
Brooks                    LSD/RED Preset                              IMS
-------------------------------------------------------------------------------------------------------
Temp. Probe               N87 Temp. Probe                         RTD in Ohms
-------------------------------------------------------------------------------------------------------
Temp. Probe               N89,91,93 Orem/Blend Temp. Probe        RTD in Ohms
-------------------------------------------------------------------------------------------------------
Temp. Probe               N87 Temp. Probe                         RTD in Ohms
-------------------------------------------------------------------------------------------------------
Temp. Probe               LSD/RED Temp. Probe                     RTD in Ohms
-------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------
Mini Pak                  Additive Injector                     Texaco System 3   Gate City
-------------------------------------------------------------------------------------------------------
Gatepak                   Additive Injector                    Chevron - OGA 402  Gate City EI2007-1
-------------------------------------------------------------------------------------------------------
Gatepak                   Additive Injector                     Texaco Red Dye    Gate City EI0755-1
-------------------------------------------------------------------------------------------------------
Blend-Pak                 Additive Injector                  Morton Red Dye BD-50 Gate City
=======================================================================================================

<Caption>

===============================================================================
     EQUIPMENT VENDOR     VERSION #  SPECIFIC LOCATION
===============================================================================
<S>                       <C>        <C>
Brooks                               Lane 2, Meter 4
-------------------------------------------------------------------------------
Temp. Probe                          Lane 2, Meter 1,  Meter
-------------------------------------------------------------------------------
Temp. Probe                          Lane 2, Meter 2,  Meter
-------------------------------------------------------------------------------
Temp. Probe                          Lane 2, Meter 3,  Meter
-------------------------------------------------------------------------------
Temp. Probe                          Lane 2, Meter 4,  Meter
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
Mini Pak
-------------------------------------------------------------------------------
Gatepak
-------------------------------------------------------------------------------
Gatepak
-------------------------------------------------------------------------------
Blend-Pak
===============================================================================
</Table>

<PAGE>

SOUTH TERMINAL

NORTH LITTLE ROCK, AR

EQUIPMENT LIST CONT.

<Table>
<Caption>
==================================================================================================
     EQUIPMENT VENDOR            EQUIPMENT DESCRIPTION            MODEL NAME           MODEL #
==================================================================================================
<S>                       <C>                                     <C>               <C>
Automatic Tank Gauge:     No
--------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------
Tank Valves Motor         Tanks 501-506: Receipt
Operated:
--------------------------------------------------------------------------------------------------
                          Tanks 507, 509, 510, 512, 513: none
--------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------
GE                        Tank 501 Rack Pump Motor, N87              50 hp
--------------------------------------------------------------------------------------------------
GE                        Tank 502 Rack Pump Motor, N87              50 hp
--------------------------------------------------------------------------------------------------
Century                   Tank 503 Rack Pump Motor, LSD              40 hp
--------------------------------------------------------------------------------------------------
                          Tank 504 Rack Pump Motor, LSD
--------------------------------------------------------------------------------------------------
                          Tank 505 Rack Pump Motor, T-Mix
--------------------------------------------------------------------------------------------------
Siemens                   Tank 506 Rack Pump Motor, 93               40 hp
--------------------------------------------------------------------------------------------------
                          Tank 507 Rack Pump Motor, Offspec
--------------------------------------------------------------------------------------------------
Baldor                    Tank 509 Rack Pump Motor, Tex Add          2 hp
--------------------------------------------------------------------------------------------------
Baldor                    Tank 510 Rack Pump Motor, Gen Add          2 hp
--------------------------------------------------------------------------------------------------
Baldor                    Tank 512 Rack Pump Motor, Tex Red          2 hp
--------------------------------------------------------------------------------------------------
Baldor                    Tank 513 Rack Pump Motor, Red Dye          2 hp
--------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------
Goulds                    Tank 501 Rack Pump , N87             Impeller Dia. 13
--------------------------------------------------------------------------------------------------
Goulds                    Tank 502 Rack Pump , N87             Impeller Dia. 13
--------------------------------------------------------------------------------------------------
Goulds                    Tank 503 Rack Pump , LSD             Impeller Dia. 13
--------------------------------------------------------------------------------------------------
                          Tank 504 Rack Pump , LSD
--------------------------------------------------------------------------------------------------
                          Tank 505 Rack Pump , T-Mix
--------------------------------------------------------------------------------------------------
Goulds                    Tank 506 Rack Pump , 93              Impeller Dia. 13
--------------------------------------------------------------------------------------------------
                          Tank 507 Rack Pump , Offspec
--------------------------------------------------------------------------------------------------
ASI A483-T                Tank 509 Rack Pump , Tex Add
--------------------------------------------------------------------------------------------------
ASI A483-T                Tank 510 Rack Pump , Gen Add
--------------------------------------------------------------------------------------------------

<Caption>

=================================================================================
     EQUIPMENT VENDOR     VERSION #                SPECIFIC LOCATION
=================================================================================
<S>                       <C>           <C>
Automatic Tank Gauge:
---------------------------------------------------------------------------------

---------------------------------------------------------------------------------
Tank Valves Motor
Operated:
---------------------------------------------------------------------------------

---------------------------------------------------------------------------------

---------------------------------------------------------------------------------
GE                                     Tank 501
---------------------------------------------------------------------------------
GE                                     Tank 502
---------------------------------------------------------------------------------
Century                                Tank 503
---------------------------------------------------------------------------------
                                       Tank 504
---------------------------------------------------------------------------------
                                       Tank 505
---------------------------------------------------------------------------------
Siemens                                Tank 506
---------------------------------------------------------------------------------
                                       Tank 507
---------------------------------------------------------------------------------
Baldor                                 Tank 509
---------------------------------------------------------------------------------
Baldor                                 Tank 510
---------------------------------------------------------------------------------
Baldor                                 Tank 512
---------------------------------------------------------------------------------
Baldor                                 Tank 513
---------------------------------------------------------------------------------

---------------------------------------------------------------------------------
Goulds                                 Tank 501
---------------------------------------------------------------------------------
Goulds                                 Tank 502
---------------------------------------------------------------------------------
Goulds                                 Tank 503
---------------------------------------------------------------------------------
                                       Tank 504
---------------------------------------------------------------------------------
                                       Tank 505
---------------------------------------------------------------------------------
Goulds                                 Tank 506
---------------------------------------------------------------------------------
                                       Tank 507
---------------------------------------------------------------------------------
ASI A483-T                             Tank 509
---------------------------------------------------------------------------------
ASI A483-T                             Tank 510
---------------------------------------------------------------------------------
</Table>

<PAGE>

SOUTH TERMINAL

NORTH LITTLE ROCK, AR

EQUIPMENT LIST

<Table>
<Caption>
====================================================================================================
     EQUIPMENT VENDOR            EQUIPMENT DESCRIPTION            MODEL NAME           MODEL #
----------------------------------------------------------------------------------------------------
<S>                       <C>                                  <C>                <C>
ASI A483-T                Tank 512 Rack Pump , Tex Red
----------------------------------------------------------------------------------------------------
ASI A483-T                Tank 513 Rack Pump , Red Dye
----------------------------------------------------------------------------------------------------
Canon                     Copier                                    NP2120
----------------------------------------------------------------------------------------------------
Canon                     Fax Machine                              CFX-L4000
----------------------------------------------------------------------------------------------------
Tangent                   CPU                                    Pentium Based
----------------------------------------------------------------------------------------------------
Allen Bradley             SLC 5/03: 7 Slot rack                    1747 L532
----------------------------------------------------------------------------------------------------
Allen Bradley             PanelView 600                                           2711-K6C3L1
----------------------------------------------------------------------------------------------------
Allen Bradley             PanelView 900                                           2711-L9A3
----------------------------------------------------------------------------------------------------
Allen Bradley             SLC 5/01;7 slot rack
----------------------------------------------------------------------------------------------------
3Com                      Superstack ll data hub                                  3C250L
----------------------------------------------------------------------------------------------------
Xerox                     Copier                                                  PA-1
----------------------------------------------------------------------------------------------------
Hewlet Packard            CPU                                     Vectra; 486
----------------------------------------------------------------------------------------------------
CCTV                      4 channel, color w/VHS recorder
----------------------------------------------------------------------------------------------------
Goulds                    Tank 508E Rack pump                       4X6X13
----------------------------------------------------------------------------------------------------
Goulds                    Tank 508W Rack pump                       4X6X13
----------------------------------------------------------------------------------------------------
U.S. Electric Motors      Tank 508W Rack pump motor                  60 hp
----------------------------------------------------------------------------------------------------
U.S. Electric Motors      Tank 508E Rack pump motor                  60 hp
----------------------------------------------------------------------------------------------------
Goulds                    South-to-North transfer pump              4X6X13
----------------------------------------------------------------------------------------------------
G.E.                      South-to-North transfer pump motor         60 hp
Hi Tech                   Electronic Sign                                         WO1511
====================================================================================================

<Caption>

=================================================================================
     EQUIPMENT VENDOR     VERSION #                SPECIFIC LOCATION
---------------------------------------------------------------------------------
<S>                       <C>          <C>
ASI A483-T                             Tank 512
---------------------------------------------------------------------------------
ASI A483-T                             Tank 513
---------------------------------------------------------------------------------
Canon
---------------------------------------------------------------------------------
Canon
---------------------------------------------------------------------------------
Tangent
---------------------------------------------------------------------------------
Allen Bradley
---------------------------------------------------------------------------------
Allen Bradley
---------------------------------------------------------------------------------
Allen Bradley
---------------------------------------------------------------------------------
Allen Bradley
---------------------------------------------------------------------------------
3Com
---------------------------------------------------------------------------------
Xerox
---------------------------------------------------------------------------------
Hewlet Packard
---------------------------------------------------------------------------------
CCTV
---------------------------------------------------------------------------------
Goulds
---------------------------------------------------------------------------------
Goulds
---------------------------------------------------------------------------------
U.S. Electric Motors
---------------------------------------------------------------------------------
U.S. Electric Motors
---------------------------------------------------------------------------------
Goulds
---------------------------------------------------------------------------------
G.E.
Hi Tech
=================================================================================
</Table>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]