Fuel storage, distribution and marketing company Global Partners has completed its acquisition of three petrol and distillate terminals in Newburgh, New York, from Warex Terminals.
The terminals have a combined storage capacity of 950,000 barrels, increasing Global Partners' total storage capacity to approximately 10.2 million barrels.
Our acquisition of these waterborne terminals is one of several recent strategic initiatives that expand our storage and supply of transportation fuels and broaden our footprint in the Northeast, Eric Slifka, president and CEO of Global Partners, says.
We continue to expect this transaction to be accretive to unit holders in the first 12 months of operation with improving returns over time as the business potential of these assets is further realised.
