Partnership Signs Agreement to Receive Firm Supply from Bangor Gas
Company
WALTHAM, Mass.--(BUSINESS WIRE)--Apr. 15, 2013--
Global Partners LP (NYSE: GLP), a FORTUNE 500® midstream
logistics and marketing company, today announced that its subsidiary,
Global CNG LLC (“Global CNG”), has received approval from the Bangor
Planning Board to develop and operate a compressed natural gas loading
station in Bangor, Maine. When construction of the station at Maine
Avenue and Godfrey Boulevard is complete, Global CNG, through an
alliance with Bangor Gas Company, will provide large commercial,
industrial and municipal customers with firm natural gas supply on a
year-round basis. The station is scheduled to be open by the end of
August.
Global CNG has entered into a multi-year agreement with Bangor Gas, a
Gas Natural Inc. company (NYSE: EGAS), to provide firm natural gas
supply through its system in Bangor. The CNG station will use
proprietary compression technology developed by OsComp Systems, Inc.
(“OsComp”) designed to reduce the energy required to compress and
transport natural gas. Global Partners announced in March that it had
teamed with OsComp to deliver CNG to customers in New England via truck
utilizing OsComp’s unique turnkey system, which incorporates specialized
trailers and unloaders to create a “virtual” natural gas pipeline.
“First and foremost, our new CNG station is a win for businesses in
Maine,” said Eric Slifka, the Partnership’s President and Chief
Executive Officer. “The station will provide our customers with safe,
convenient and cost-effective CNG to meet their year-round energy needs.
This project leverages our technology relationship with OsComp Systems
and our alliance with Bangor Gas to deliver CNG to manufacturers,
hospitals, water treatment facilities, power plants and other large
customers or institutions that are not connected to a pipeline. We bring
the pipeline to the customer, creating a potential energy savings of up
to 30 to 40% or $1 or more per equivalent gallon of delivered fuel oil.”
“Our position as one of the region’s leading natural gas distribution
companies, combined with Global Partners’ expertise in energy storage,
transportation and marketing, creates a unique opportunity,” said
Gregory J. Osborne, Director of Gas Natural Inc. “Customers will benefit
from this combined strength, receiving our commitment to provide the
highest level of service and a firm supply of natural gas. The virtual
pipeline is an extension of our commitment to the state of Maine and its
businesses.”
"This is a true example of partnership with proven industry leadership
combined with new technology to meet the growing customer demand for
energy savings," said Pedro Santos, CEO and President of OsComp.
OsComp’s CNG virtual pipeline model incorporates its Rapid Fill™
compression technology. Rapid Fill enables CNG trailers to be filled in
excess of four times faster than conventional filling systems. Faster
turn-around time results in lower costs and thus lower energy prices for
the end customer. OsComp has a broad portfolio of patented and
patent-pending innovations that will reduce cost and increase efficiency
of the trucked CNG system.
About Global Partners LP
A publicly traded master limited partnership, Global Partners LP is a
midstream logistics and marketing company. Global is a leader in the
logistics of transporting Bakken and Canadian crude oil and other energy
products via rail, establishing a ‘virtual pipeline’ from the
mid-continent region of the U.S. and Canada to refiners and other
customers on the East and West coasts. Global owns, controls or has
access to one of the largest terminal networks of petroleum products and
renewable fuels in the Northeast, and is one of the largest wholesale
distributors of gasoline, distillates, residual oil and renewable fuels
to wholesalers, retailers and commercial customers in New England and
New York. With a portfolio of approximately 1,000 locations in nine
states, the Partnership is also one of the largest independent owners,
suppliers and operators of gasoline stations and convenience stores in
the Northeast. In addition, the Partnership is a distributor of natural
gas. Global is No. 182 in the Fortune 500 list of America’s largest
corporations. For additional information visit www.globalp.com.
Forward-looking Statements
Some of the information contained in this news release may contain
forward-looking statements. Forward-looking statements 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,” “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.
Although Global Partners LP believes these forward-looking statements
are reasonable as and when made, there may be events in the future that
Global Partners LP is not able to predict accurately or control, and
there can be no assurance that future developments affecting Global
Partners LP’s business will be those that it anticipates.
For additional information about risks and uncertainties that could
cause actual results to differ materially from the expectations Global
Partners LP describes in its forward-looking statements, please refer to
Global Partners LP’s Annual Report on Form 10-K for the year ended
December 31, 2012 and subsequent filings the Partnership makes with the
Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on the forward-looking
statements, which speak only as of the date on which they are made.
Global Partners LP expressly disclaims any obligation or undertaking to
update forward-looking 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
Global
Partners LP
Edward Faneuil, 781-894-8800
Executive Vice
President, General Counsel and Secretary