October 10, 2012 [OPIS] - Phillips 66 and United Riverhead Terminal Inc. (URT), an affiliate of United Refining Company of Warren, Pa., have entered into an agreement for URT to purchase Phillips 66's Riverhead, N.Y., marine petroleum terminal and associated assets, both companies said in a joint statement on Tuesday.
The transaction is expected to close at the end of October depending upon regulatory approval. The terms of the agreement were not disclosed.
The Riverhead terminal is located on the North Shore of Long Island, N.Y., approximately 80 miles east of New York Harbor.
The facility encompasses 280 acres and has over 5 million barrels of petroleum storage capability.
The Riverhead marine terminal is utilized as storage and as a trans-shipment hub for crude, heavy fuels, diesel and gasoline, and the offshore marine platform is the only deepwater loading/unloading platform on the U.S. East Coast.
With an operating draft of 64 feet, the terminal’s offshore platform routinely receives Suezmax vessels and is capable of handling VLCC tankers.
“The sale of the Riverhead Terminal is part of Phillips 66’s ongoing strategy to divest assets that do not fit with our long-term business objectives,” said Tim Taylor, executive vice president, Commercial, Marketing, Transportation and Business Development for Phillips 66.
