Global Partners LP, a midstream logistics and marketing company, has closed the acquisition of four liquid energy terminals in the US from Gulf Oil for $212.3m.
The deal between the parties was first announced in November 2022.
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The terminals are located in Chelsea, Massachusetts; New Haven, Connecticut; Linden, New Jersey; and Woodbury, New Jersey.
These terminals have a combined shell capacity of approximately three million barrels.
Through this acquisition, Global Partners plans to further strengthen its position in the energy economy of the north-eastern US.
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The acquisition is set to increase Global Partners‘ storage and distribution of gasoline, distillates and ethanol.
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By GlobalDataGlobal Partners president and CEO Eric Slifka said: “This acquisition further delivers on our commitment to strategic growth and our ability to identify and capitalise on assets that leverage our growing network.”
The acquisition forms part of Global’s strategic approach to invest in and purchase assets that complement its existing network in high-demand markets.
The Linden and Woodbury terminals in New Jersey are expected to open up new market opportunities. The New Haven terminal enhances gasoline distribution capabilities in Connecticut.
The Chelsea terminal, which will support continued service to the Boston area, will effectively replace the Revere terminal that was sold by Global for $150m in 2022.
Slifka added: “We are happy to finalise this acquisition and welcome these terminals into our growing network. These assets will strengthen our existing operations and provide us with new opportunities to serve our customers and enhance our competitive advantage.”
Last month, Global Partners acquired 25 liquid energy terminals from Motiva Enterprises.
The deal increased Global’s owned or leased liquid energy terminals to 49 in the US, totalling approximately 18.3 million barrels of shell capacity.
