Global Partners plans buy of L.I. terminals

Global Partners LP, a Waltham-based distributor of gasoline and residual oil to wholesalers, retailers and commercial customers, said today it agreed to acquire two refined products terminals on Long Island, New York from ExxonMobil Oil Corp.

The terminals have a combined storage capacity of 430,000 barrels of petroleum fuels. Financial terms weren't disclosed.

ExxonMobil has signed long-term throughput contracts with Global Partners to continue to use the terminals upon closing of the transaction, expected in the third quarter.

Global Partners expects to finance the deal through its existing credit facility.

The company said the acquired terminals increase total storage capacity to 8.6 million barrels, enabling the company to further diversify market coverage and grow its customer base.

The acquired properties include an Inwood, New York terminal with active storage capacity of 326,000 barrels which is supplied by barge and the Buckeye Pipeline system. Products distributed from this terminal include gasoline, ultra low sulfur diesel and heating oil.

The Glenwood Landing, New York terminal has active storage capacity of 104,000 barrels and is supplied by barge. Products distributed from this terminal include gasoline, ultra low sulfur diesel and heating oil.

"As with the Albany and Newburgh, New York and Burlington, Vermont terminals we acquired from ExxonMobil earlier this year, we expect this acquisition to be accretive to unitholders in the first 12 months of operation, with improving returns over time," said Eric Slifka, president and chief executive. (AP)