Transaction Adds 950,000 Barrels to Partnership's Refined Product
Storage Capacity
WALTHAM, Mass., Jun 03, 2010 (BUSINESS WIRE) --Global Partners LP (NYSE:GLP), one of the largest wholesale distributors
of gasoline, distillates and residual oil in the New England states and
New York, said today that it has completed its previously announced
acquisition of three gasoline and distillate terminals in Newburgh, New
York from Warex Terminals Corporation. 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," said
Eric Slifka, President and Chief Executive Officer of Global Partners.
"We continue to expect this transaction to be accretive to unitholders
in the first 12 months of operation with improving returns over time as
the business potential of these assets is further realized."
In May, the Partnership signed an agreement with Exxon Mobil Corporation
to purchase 190 Mobil branded retail gas stations in Massachusetts,
Rhode Island and New Hampshire. The agreement includes the right to
supply Mobil branded fuel to the stations and to an additional 31
independently owned and operated Mobil stations in the same states. The
transaction is expected to be completed in 2010. In addition, Global
Partners and Canadian Pacific Railway have initiated an expansion
project that will add 180,000 barrels of ethanol storage capacity and
rail access at the Partnership's refined petroleum products terminal in
Albany, New York. Separately, Global Partners is converting 230,000
barrels of distillate storage to gasoline storage at the Albany
terminal. These projects are scheduled to be operational by year-end.
About Global Partners LP
Global Partners LP, a publicly traded master limited partnership based
in Waltham, Massachusetts, owns, controls or 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 New England states and New York. 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.
Forward-looking Statements
Some of the information contained in this news release may contain
forward-looking statements. Forward-looking statements do not relate
strictly to historical or current facts and include, without limitation,
any statement that may project, indicate or imply future results,
events, performance or achievements, and may contain the words "may, "
"believe," "should," "could," "expect," "anticipate," "plan," "intend,"
"estimate," "foresee," "continue," "will likely result," or other
similar expressions. In addition, any statement made by Global Partners
LP's management concerning future financial performance (including
future revenues, earnings or growth rates), ongoing business strategies
or prospects and possible actions by Global Partners LP or its
subsidiaries are also forward-looking statements. Forward-looking
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 future results to be
materially different from the results stated or implied in this news
release. For additional information about 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, 2009 and subsequent filings the
Partnership makes with the Securities and Exchange Commission.
Developments in any of these areas could cause Global Partners LP's
results to differ materially from results that have been or may be
anticipated or projected. 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 of
this news release or, in the case of forward-looking statements,
contained in any document incorporated by reference, the date of such
document, and Global Partners LP expressly disclaims any obligation or
undertaking to update these statements to reflect any change in its
expectations or beliefs or any change in events, conditions or
circumstances on which any forward-looking statement is based.
SOURCE: Global Partners LP
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