Written on: April 16, 2024 by ICM
Global Partners LP has 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, said the company.
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 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 & CEO.
Within the company’s network, Linden and Woodbury open new markets while New Haven adds gasoline capabilities to Global’s terminal portfolio in Connecticut. The Chelsea terminal allows Global to continue to serve the Boston market as it replaces the capabilities of its Revere terminal, which Global 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.”
Global purchased the four terminals for $212.3 million.
