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1/28/2013 12:30:00 PM
Global Partners to acquire BNSF-served crude oil transload facility in Oregon
Global Partners L.P. today announced it signed an agreement to acquire a West Coast crude oil and ethanol facility near Portland, Ore., from Cascade Kelly Holdings L.L.C. for $95 million.
The transaction includes a rail transloading facility served by BNSF Railway Co., 200,000 barrels of storage capacity, a deepwater marine terminal, a 1,200-foot dock and the largest ethanol plant on the West Coast, Global Partners officials said in a prepared statement. In November 2012, the facility began transloading unit trains of crude oil.
"This transaction … enables Global to supply cost-competitive crude and ethanol to refiners and customers on the West Coast," said Global Partners President and Chief Executive Officer Eric Slifka. "From our origination hub in the Bakken region of North Dakota, we will now have destination assets on both coasts. The Oregon site is linked via BNSF to the Basin Transload facility in Beulah, N.D., while our Albany, N.Y., terminal is connected via single line haul on Canadian Pacific to the Basin Transload location in Columbus, N.D."
The acquisition has been approved by Global Partners' board and is subject to customary regulatory approvals and various closing conditions. The purchase is expected to be completed by the end of the first quarter. Global Partners also anticipates closing its pending acquisition of a 60 percent interest in Basin Transload L.L.C. for about $80 million by quarter's end.