Wedoany.com Report-Nov 9, Massachusetts-based Global Partners LP has completed the acquisition of a liquid energy terminal in East Providence, Rhode Island from Exxon Mobil Oil Corporation.

The East Providence terminal, featuring 10 product tanks with 959,730-barrel shell capacity, serves as a strategic storage facility for various products, including gasoline, additives, distillates, and ethanol, Global Partners said in a news release. The financial details were not disclosed.

The terminal includes a six-bay truck rack servicing the Rhode Island, Northern Connecticut, and Southern Massachusetts markets, as well as a large dock with capabilities to accommodate long-range vessels.

The addition of gasoline infrastructure through the transaction will enable Global to optimize its large, active marketing and retail presence in the area, the company noted.

In addition to the terminal, Global will acquire surplus vacant real estate parcels providing long-term opportunities for alternative uses as market dynamics evolve.

“The acquisition of the East Providence terminal aligns perfectly with our strategic goals,” Global Partners President and CEO Eric 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 capitalizing on assets that leverage our integrated network”.

The latest acquisition continues the partnership’s streak of buying liquid energy terminals. In April, Global Partners completed its $212.3 million acquisition of four liquid energy terminals from Gulf Oil Limited Partnership.

The terminals are strategically located in Chelsea, Massachusetts; New Haven, Connecticut; and Linden and Woodbury, New Jersey. The assets “will further enhance Global’s position in the energy economy of the Northeast,” the partnership said in an earlier news release.

With a combined shell capacity of approximately 3.0 million barrels, the terminals expand Global’s ability to store and distribute gasoline, distillates, and ethanol, it said. The partnership noted that the acquisition aligns with its strategy to acquire and invest in assets that allow it to “leverage scale from its integrated network in high demand markets”.

Global said the Linden and Woodbury terminals open new markets, while the New Haven terminal adds gasoline capabilities to its terminal portfolio in Connecticut. Meanwhile, the Chelsea terminal allows it to continue to serve the Boston market as it replaces the capabilities of its Revere terminal, which it divested for $150 million in 2022.

In December 2023, the partnership closed its acquisition of 25 liquid energy terminals from Motiva Enterprises LLC. The transaction is underpinned by a 25-year take-or-pay throughput agreement with Motiva, the anchor tenant at the terminals, that includes minimum annual revenue commitments, according to an earlier news release.

Global Partners describes itself as an industry-leading integrated owner, supplier, and operator of liquid energy terminals, fueling locations, and guest-focused retail experiences. It operates or maintains dedicated storage at 54 liquid energy terminals—with connectivity to strategic rail, pipeline, and marine assets— spanning from Maine to Florida and into the U.S. Gulf States. Through its extensive network, the company distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers.