NuStar GP Holdings, LLC (NuStar GP Holdings) conducts operations through its indirect ownership interests in NuStar Energy L.P. (NuStar Energy). NuStar Energy is engaged in the terminalling and storage of petroleum products, the transportation of petroleum products and anhydrous ammonia, and petroleum refining and marketing. NuStar Energy has terminal facilities in the United States, Canada, Mexico, the Netherlands, including St. Eustatius in the Caribbean, the United Kingdom and Turkey. NuStar Energy conducts its operations through its subsidiaries, primarily NuStar Logistics, L.P. (NuStar Logistics) and NuStar Pipeline Operating Partnership L.P. (NuPOP). It operates in three business segments: storage, transportation, and asphalt and fuels marketing. As of December 31, 2011, the Company�s ownership interests in NuStar Energy consisted of the 2% general partner interest; 100% of the incentive distribution rights issued by NuStar Energy, and a 14.3% limited partner interest.