Sale of petroleum products terminal at Port of Albany completedadmin
Global Partners LP, a Waltham, Mass., company, has completed the acquisition of the refined petroleum products terminal at the Port of Albany formerly owned by ExxonMobile Oil Corp.
Global Partners, a wholesale distributor of gasoline and oil products paid $101.5 million for the terminal facilities at Albany, N.Y., Newburgh, and Burlington, Vt. The three terminals can store 1.3 million barrels of product.
ExxonMobil will continue to use the terminals for three years, although Global will own them.
The Albany terminal has the capacity to store 738,000 barrels of oil and gasoline and is supplied by ship, barge and railroad. Products distributed from the Albany facility include gasoline, diesel fuel, heating oil and kerosene.
Global Partners LP is a master limited partnership that owns a number of terminals around the Northeast.
Information from: www.bizjournals.com