Under the arrangement, Irving Oil will have a majority of about 725,000 barrels of storage capacity at the South Portland terminal, as well as long-term marketing rights at Buckeye’s Bangor, Maine terminal.
Irving Oil president Mike Ashar said the acquisition complements the company’s existing distribution facilities in the state of Maine.
"The acquisition also positions the company to more efficiently meet the ever-changing needs of its present and future customers," Ashar said.
Irving Oil was is a refining and marketing company that serves the customers throughout Atlantic Canada, Quebec and the US Northeast.
