The Eagle Point tank farm consists of approximately five million barrels of active storage for clean products and dark oils with the potential to expand storage capacity in the future.
The company will spend an additional capital investment of $90m to provide operational flexibility to meet regulatory requirements.
Sunoco Logistics has also signed a separate definitive agreement with ConocoPhillips to purchase refined-products terminal having a capacity of 1.2 million barrels in Massachusetts, US for $56m using its existing credit facility.
Both the transactions are subject to customary closing conditions and are expected to be completed in the third quarter of 2011.
The sale of the Eagle Point tank farm does not include the idled refinery units and a 225MW cogeneration power plant which Sunoco is trying to sell separately.
Sunoco Logistics president Michael J. Hennigan said along with the docking facility and a rack for refined products, the Eagle Point site will serve as a major terminal operation on the East Coast with import/export capabilities and room to grow.
