WALTHAM, Mass.--(BUSINESS WIRE)--Nov. 15, 2007--Global Partners LP
(NYSE: GLP), one of the Northeast's largest wholesale distributors of
gasoline, distillates and residual oil to wholesalers, retailers and
commercial customers, today announced that it has completed its
previously announced acquisition of two refined products terminals on
Long Island, New York from ExxonMobil Oil Corporation. The terminals
have a combined active storage capacity of 430,000 barrels, increasing
Global's total storage capacity to approximately 8.8 million barrels.
ExxonMobil has entered into long-term throughput contracts with Global
to use each of the terminals.
"By acquiring these assets, we have greatly expanded our share of
the Metropolitan New York refined products storage market," said Eric
Slifka, president and chief executive officer of Global Partners.
"Following our announcement earlier this week of a 474,000 barrel
expansion in Providence, the addition of these Long Island terminals
further enhances our leadership position in the Northeast. We continue
to expect these strategically located terminals to be accretive to
unitholders in the first 12 months of operation and to generate
improving returns over time as we further realize their business
potential."
The properties acquired by Global from ExxonMobil are the:
-- Inwood, New York terminal, which has active storage capacity
of 326,000 barrels and is supplied by barge and the Buckeye
Pipeline system. Products distributed from this terminal
include gasoline, ultra low sulfur diesel and heating oil.
-- Glenwood Landing, New York terminal, which 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.
About Global Partners LP
Global Partners LP, a publicly traded master limited partnership
based in Waltham, Massachusetts, owns, controls and has access to one
of the largest terminal networks of refined petroleum products in the
Northeast. The partnership is one of the largest wholesale
distributors of gasoline, distillates (such as home heating oil,
diesel and kerosene) and residual oil to wholesalers, retailers and
commercial customers in the region. Global Partners LP, a FORTUNE
500(R) company, trades on the New York Stock Exchange under the ticker
symbol "GLP." For additional information, please visit
www.globalp.com.
Safe Harbor Statement
This news release contains certain "forward-looking statements"
within the meaning of the federal securities laws. These
forward-looking statements are identified as any statements that do
not relate strictly to historical or current facts and can generally
be identified by the use of forward-looking terminology including
"will," "may," "believe," "expect," "anticipate," "estimate,"
"continue" or other similar words. Such statements may discuss
business prospects, goals, new developments and future expectations or
contain projections of results of operations, financial condition and
Global Partners LP's ability to make distributions to unitholders.
These statements are not guarantees of performance. Although Global
Partners LP believes these forward-looking statements are based on
reasonable assumptions, statements made regarding future results are
subject to a number of assumptions, uncertainties and risks, many of
which are beyond the control of Global Partners LP, which may cause
actual results to be materially different from the forward-looking
statements contained in this news release. For specific risks and
uncertainties that could cause actual results to differ materially
from forward-looking statements, please refer to Global Partners LP's
Annual Report on Form 10-K for the year ended December 31, 2006 and
Quarterly Report on Form 10-Q for the three months ended September 30,
2007. All forward-looking statements included in this news release and
all subsequent written or oral forward-looking statements attributable
to Global Partners LP or persons acting on its behalf are expressly
qualified in their entirety by these cautionary statements. The
forward-looking statements speak only as of the date made, and Global
Partners LP undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
CONTACT: Global Partners LP
Thomas J. Hollister, 781-894-8800
Chief Operating Officer and
Chief Financial Officer
or
Edward J. Faneuil, 781-894-8800
Executive Vice President
General Counsel and Secretary
SOURCE: Global Partners LP