Global Partners Acquires Four Liquid Energy Terminals from Gulf Oil for $212 Million
(P&GJ) — Global Partners LP has announced the successful closing of its acquisition of four liquid energy terminals from Gulf Oil Limited Partnership for $212.3 million. The terminals are strategically located in Chelsea, MA, New Haven, CT, Linden, NJ, and Woodbury, NJ, and will further enhance Global’s position in the energy economy of the Northeast.
With a combined shell capacity of approximately 3.0 million barrels, these terminals expand Global’s ability to store and distribute gasoline, distillates, and ethanol. This acquisition aligns with Global’s strategy to acquire and invest in assets that allow the Partnership to leverage scale from its integrated network in high demand markets.
“This acquisition further delivers on our commitment to strategic growth and our ability to identify and capitalize on assets that leverage our growing network,” said Eric Slifka, Global’s President and Chief Executive Officer.
The new terminals are a key fit in Global’s network. Linden, NJ and Woodbury, NJ open new markets while New Haven, CT adds gasoline capabilities to Global’s terminal portfolio in Connecticut, and the Chelsea, MA terminal allows Global to continue to serve the Boston market as it replaces the capabilities of its Revere terminal, which Global strategically divested for $150 million in 2022.
Slifka continued, “We are happy to finalize 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.”
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