WALTHAM, Mass. & KANSAS CITY, Mo.--(BUSINESS WIRE)--Jul. 8, 2014--
Global Partners LP (Global) (NYSE: GLP) and Kansas City Southern (KCS)
(NYSE: KSU) today announced plans to develop a unit train terminal in
Port Arthur, Texas. The waterborne terminal, which will be constructed
on a 200-acre parcel leased by Global from KCS, will serve initially as
a destination for heavy crude from Western Canada utilizing 340,000
barrels of initial storage capacity. Upon commencement of unit train
service, the terminal is expected to have an initial capacity of up to 2
unit trains per day.
“The addition of a crude destination terminal on the U.S. Gulf Coast
will broaden and strengthen our logistics network,” said Global
President and Chief Executive Officer Eric Slifka. “Situated within a
100-mile radius of nearly 5 million barrels of Gulf Coast refining
capacity and an expansive pipeline network, Port Arthur is a prime
destination for crude and refined products. The terminal complements our
assets on the East and West Coasts, expanding optionality for our
customers. The Port Arthur site is advantageously positioned to serve
the needs of producers, refiners and consumers, and we are proud to
partner with one of North America’s premier commercial rail carriers to
develop this project.”
“The Port Arthur terminal represents a significant opportunity to
capitalize on strong demand for the movement of Western Canadian crude
initially to one of the world’s premier refining centers in the U.S.
Gulf Coast,” said KCS President and Chief Executive Officer David L.
Starling. “Through their established base in the Northeast, North
Dakota, Western Canada and the Pacific Northwest, Global has built an
outstanding reputation for the quality of its logistics and terminal
operations.”
Construction of the terminal is contingent upon Global’s receipt of all
necessary permits.
About KCS
Headquartered in Kansas City, MO, Kansas City Southern is a
transportation holding company that has railroad investments in the
U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City
Southern Railway Company, serving the central and south central U.S. Its
international holdings include Kansas City Southern de Mexico, S.A. de
C.V., serving northeastern and central Mexico and the port cities of
Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in
Panama Canal Railway Company, providing ocean-to-ocean freight and
passenger service along the Panama Canal. Kansas City Southern's North
American rail holdings and strategic alliances are primary components of
a NAFTA Railway system, linking the commercial and industrial centers of
the U.S., Mexico and Canada. For additional information visit www.kcsouthern.com.
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 management of either Global Partners LP or KCS concerning future
financial performance (including future revenues, earnings or growth
rates), ongoing business strategies or prospects and possible actions by
Global Partners LP, KCS or their subsidiaries are also forward-looking
statements.
Although Global Partners LP and KCS believe these forward-looking
statements are reasonable as and when made, there may be events in the
future that Global Partners LP and KCS are not able to predict
accurately or control, and there can be no assurance that future
developments affecting their respective business will be those that each
of them anticipates.
For additional information about risks and uncertainties that could
cause actual results to differ materially from the expectations Global
Partners LP and KCS describe in these forward-looking statements, please
refer to their Annual Reports on Form 10-K for the year ended December
31, 2013 and subsequent filings that they make 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 and KCS expressly disclaim any obligation or
undertaking to update forward-looking statements to reflect any change
in their 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
or
Kansas City Southern
C. Doniele Carlson,
816-983-1372
Assistant Vice President
Corporate Communications