WALTHAM, Mass.--(BUSINESS WIRE)--Jun. 11, 2014--
Global Partners LP (NYSE: GLP) today announced that it has entered into
an agreement with Meadowlark Midstream Company, LLC (“Meadowlark”)
whereby Meadowlark will build, own and operate new a crude oil
transportation system. When completed, the system will include a truck
unloading station with 55,000 barrels of tankage on Meadowlark’s Divide
Gathering System, as well as a 47-mile pipeline serving Global’s crude
oil storage facility at Basin Transload’s Columbus rail loading terminal
in Burke County, North Dakota. Crude oil delivered to this rail terminal
has single line haul rail access to Global’s Albany, NY terminal and can
also access other rail-serviced terminals throughout the United States.
The project is expected to be operational by the second quarter of 2015.
In connection with this agreement, Global has commenced construction of
an additional 176,000 barrels of tankage at the Columbus facility, which
will bring total capacity to 446,000 barrels.
“The crude oil transportation system being developed by Meadowlark
further expands our gathering capabilities in the Bakken region,
providing our customers with even greater access to refineries and other
downstream distribution points on both the East and West Coasts,” said
Eric Slifka, Global’s president and chief executive officer. “This
agreement reflects our continuing strategy to optimize the operations of
our mid-continent assets through infrastructure connection projects that
provide optionality for moving product to the highest-value markets
nationwide.”
About Global Partners LP
A publicly traded master limited partnership, Global Partners LP is a
midstream logistics and marketing company. Global owns, controls or has
access to one of the largest terminal networks of refined petroleum
products and renewable fuels in the Northeast, and is one of the largest
distributors of gasoline, distillates, residual oil and renewable fuels
to wholesalers, retailers and commercial customers in New England and
New York. Global is a leader in the purchasing, selling and logistics of
transporting domestic and Canadian crude oil and other products by rail
across its “virtual pipeline” from the mid-continent region of the U.S.
and Canada to the East and West Coasts for distribution to refiners and
other customers. With a portfolio of approximately 900 locations
primarily in the Northeast, Global also is one of the largest
independent owners, suppliers and operators of gasoline stations and
convenience stores. In addition, Global is a distributor of natural gas
and propane. Global is No. 146 in the Fortune 500 list of America’s
largest corporations. For additional information visit www.globalp.com.
Forward-looking Statements
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,” “will
likely result,” or other similar expressions. In addition, any statement
made by Global Partners LP’s management concerning 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, 2013 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
Daphne H. Foster, 781-894-8800
Chief
Financial Officer
or
Global Partners LP
Edward Faneuil,
781-894-8800
Executive Vice President,
General Counsel and
Secretary