Sunoco has agreed to acquire Superior Plus' wholesale fuel distribution business and three storage terminals.
The assets, which Sunoco will purchase for approximately $40 million, comprise 100 dealers, several hundred commercial contracts and three terminals, which are connected to major pipelines serving the upstate New York market.
The wholesale fuels business sells 200 million gallons of fuel annually through multiple channels. The three terminals have 17 tanks with 429,000 barrels of storage capacity.
Sunoco says the acquisition is consistent with its strategy of utilising its scale to grow the core fuel distribution business and adding fee-based refined product terminals into the overall portfolio. The acquisition is expected to close later in April.
Growing Contanda's storage footprint in HoustonPetrochemical production fuels a bright storage future Oil market eyes November Iran sanctions hiatus A new name in Cushing Unleashing the potential of American energy Storage for the US's largest refining market Expanding the US global market share Trade war questions temper US midstream sector growth plans Safe & productive solutions for tank cleaning Ground improvement plays supporting role for storage tanks