Global Partners LP Completes Acquisition of Four Liquid Energy Terminals from Gulf Oil
04.11.2024 By Tank Terminals - NEWS

April 11, 2024 [Market Screener]- Global Partners LP announced the successful closing of its acquisition of four liquid energy terminals from Gulf Oil Limited Partnership. 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. 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.

Global purchased the four terminals for $212.3 million.

 

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