Global Partners LP (NYSE:GLP) (“Global” or the “Partnership”) announced that it has successfully completed the acquisition of a liquid energy terminal in East Providence, Rhode Island from the ExxonMobil 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. It 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 acquisition of the East Providence terminal aligns perfectly with our strategic goals,” said Eric Slifka, President and Chief Executive Officer of Global Partners LP.
The addition of gasoline infrastructure through this transaction will enable Global to optimize its large, active marketing and retail presence in the area. In addition to the terminal, Global will acquire surplus vacant real estate parcels providing long-term opportunities for alternative uses as market dynamics evolve.
Slifka continued, “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.”
