- 55 Million Barrels Over Five-Year Period -
WALTHAM, Mass.--(BUSINESS WIRE)--Dec. 1, 2014--
Global Partners LP (NYSE: GLP) today announced that it has signed a
five-year contract with a third party under which Global will provide
rail, terminaling, storage and marine logistics services for crude oil
to be transloaded from facilities in the United States and Canada and
delivered to a Global terminal. The terms of the contract include a
minimum monthly take or pay commitment beginning January 1, 2015,
ramping up to 30,000 barrels per day effective April 1, 2015, which
equates to approximately 55 million barrels of crude oil product over
the contract’s five-year term. Railcars utilized to provide
transportation services will comply with CPC-1232 standards.
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
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,” “will likely result,” or other similar
expressions. In addition, any statement made by Global Partners LP’s
management concerning future financial performance, 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 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
Edward J. Faneuil, 781-894-8800
Executive
Vice President, General Counsel and Secretary