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Global Partners has announced the acquisition of a liquid energy terminal in East Providence, Rhode Island, US, from ExxonMobil Oil, bolstering its presence in the New England market.
The terminal features ten product tanks with a 959,730-barrel capacity, and is a strategic asset for the storage and distribution of various liquid energy products, including gasoline, additives, distillates, and ethanol.
The acquisition includes a six-bay truck rack that services the Rhode Island, Northern Connecticut, and Southern Massachusetts markets, as well as a dock capable of accommodating long-range vessels.
Global Partners president and chief executive officer Eric Slifka said: “The acquisition of the East Providence terminal aligns perfectly with our strategic goals.”
The acquisition of gasoline infrastructure through this transaction is expected to enable Global to enhance its marketing and retail presence in the area.
Along with the terminal, Global Partners will acquire surplus vacant real estate parcels, offering long-term potential for alternative uses as market conditions change.
Slifka said: “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 capitalising on assets that leverage our integrated network.”
Operating 54 terminals from Maine to Florida and the Gulf States, Global Partners supplies gasoline, oil, and renewable fuels.
It also owns more than 1,700 retail locations across the Northeast, Mid-Atlantic, and Texas.
In April 2024, Global Partners completed the acquisition of four liquid energy terminals from Gulf Oil for $212.3m.
The terminals are situated in Chelsea, Massachusetts; New Haven, Connecticut; Linden, New Jersey; and Woodbury, New Jersey.
First announced in November 2022, the deal included terminals with a total shell capacity of approximately three million barrels.
"Global Partners acquires liquid energy terminal from ExxonMobil Oil" was originally created and published by Offshore Technology, a GlobalData owned brand.
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