November 06, 2024 [CS News]- Global Partners LP is strengthening its operational capabilities and supply options in the Northeast with the acquisition of a liquid energy terminal in East Providence, R.I., from the ExxonMobil Oil Corp.
The terminal — which features 10 product tanks with 959,730-barrel shell capacity — serves as a strategic storage facility for various products, including gasoline, additives, distillates and ethanol. It includes a six-bay truck rack servicing the Rhode Island, northern Connecticut and southern Massachusetts markets, as well as a large dock with capabilities to accommodate long-range vessels.
“The acquisition of the East Providence terminal aligns perfectly with our strategic goals,” said Eric Slifka, president and CEO of Global Partners.
The addition of gasoline infrastructure through the transaction will enable the partnership to optimize its large, active marketing and retail presence in the area. In addition to the terminal, Global Partners will acquire surplus vacant real estate parcels providing long-term opportunities for alternative uses as market dynamics evolve, the company stated.
“The additional operational capabilities and supply optionality, along with the potential for real estate development, further deliver our commitment to strategic growth by diversifying our portfolio and capitalizing on assets that leverage our integrated network,” Slifka added.
The latest acquisition builds upon the partnership’s strategy to enhance its assets of liquid energy terminals. Over the last year, Global Partners has invested more than $500 million to significantly expand its wholesale segment through the strategic acquisition of a combined 29 terminals from Motiva Enterprises and Gulf Oil, more than doubling the partnership’s storage capacity to 21.4 million barrels.
The terminals expanded the partnership’s geographic reach within New England, along the Eastern Seaboard and into Florida, the Gulf Coast and Texas, as Convenience Store News previously reported.
Waltham-based Global Partners operates or maintains dedicated storage at 54 liquid energy terminals — with connectivity to strategic rail, pipeline and marine assets — spanning from Maine to Florida and into the U.S. Gulf States. Through this extensive network, the company distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global Partners owns, operates and/or supplies more than 1,700 retail locations across the Northeast states, the Mid-Atlantic and Texas.
