Global Companies LLC is coming to Inwood and Glenwood Landing NY!
Global Partners Signs Agreement to Acquire Two Long Island Refined Products Terminals from ExxonMobil
Purchase of Strategic Assets Increases Partnership’s Storage Capacity to 8.6 Million Barrels
Waltham, Mass., July 10, 2007 – Global Partners LP (NYSE: GLP), one of the Northeast’s largest wholesale distributors of distillates, gasoline and residual oil to wholesalers, retailers and commercial customers, today announced that it has signed a definitive agreement to acquire two refined products terminals on Long Island, New York from ExxonMobil Oil Corporation. The terminals have a combined storage capacity of 430,000 barrels of petroleum fuels. ExxonMobil has entered into long-term throughput contracts with Global Partners to continue to use the terminals upon closing of the transaction.…
“With this acquisition Global becomes a significant player in the key New York refined products markets,” said Eric Slifka, the partnership’s president and chief executive officer. “These terminals increase our total storage capacity to 8.6 million barrels, enabling us to further diversify our market coverage and grow our customer base. The strategic location of these waterborne and pipeline assets, on the North and South shores of Long Island, gives us a unique platform from which to serve both wholesale and commercial customers throughout Greater New York. The Inwood and Glenwood Landing facilities complement Global’s existing New York terminal portfolio, providing us with broad and comprehensive market coverage to service our customers…”
“These acquisitions are core to Global’s growth strategy and are further evidence of our continued leadership and commitment in the refined petroleum product storage arena,” Slifka said. “As with the Albany and Newburgh, New York and Burlington, Vermont terminals we acquired from ExxonMobil earlier this year, we expect this acquisition to be accretive to unitholders in the first 12 months of operation, with improving returns over time as the business potential of these strategic assets is further realized…”
The acquisition is expected to close in the third quarter of 2007…
Our goal is to make these new facilities your “destination of choice”, rather than just the place you go to lift oil.
For current Global customers, we appreciate your business and fully intend to increase the number of services and amenities at these terminals consistent with our other Global-operated terminals. If you are not a Global customer, what are you waiting for? There’s never been a better time to go with Global!
In the coming months you will be contacted by a Global Marketing Representative to discuss these changes and explore all the opportunities that Global can offer you. We will sell many NYMEX-related products such as prompt and forward contracts, basis deals and spreads. Our customer appreciation days are legendary! If you would you like to get started quicker with Global, please contact the Sales Office at 800-685-7222.
We hope you are excited as we are about this acquisition and the business relationship we will build and grow for many years to come.
Great Terminals! Great Service! Global.
Global Companies LLC is a subsidiary of Global Partners LP, a master limited partnership based in Waltham, Massachusetts that is one of the Northeast’s leading distributors of petroleum products, including gasoline, home heating oil, diesel fuel, and fuel additives. Global Partners LP trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, please call 800-685-7222, or visit the company’s web site at www.globalp.com
Legal Disclaimers & Terms and Conditions |
Global Companies LLC, Global Montello Group Corp.,
Global Energy Marketing LLC and Alliance Energy LLC
are subsidiaries of Global Partners LP
800 South Street, Suite 500, P.O. Box 9161, Waltham,
MA 02454-9161 | 781-894-8800
© 2017 Global Partners LP, All rights reserved.