The acquisition further strengthens Global’s operational capabilities and supply options in the Northeast
WALTHAM, Mass.--(BUSINESS WIRE)--Nov. 1, 2024--
Global Partners LP (NYSE:GLP) (“Global” or the “Partnership”) announced today that it has successfully completed the acquisition of a liquid energy terminal in East Providence, Rhode Island from the ExxonMobil Oil Corporation.
The East Providence terminal, featuring 10 product tanks with 959,730-barrel shell capacity, serves as a strategic storage facility for various products, including gasoline, additives, distillates, and ethanol. It includes a six-bay truck rack servicing the Rhode Island, Northern Connecticut, and Southern Massachusetts markets, as well as a large dock with capabilities to accommodate long-range vessels.
"The acquisition of the East Providence terminal aligns perfectly with our strategic goals," said Eric Slifka, President and Chief Executive Officer of Global Partners LP.
The addition of gasoline infrastructure through this transaction will enable Global to optimize its large, active marketing and retail presence in the area. In addition to the terminal, Global will acquire surplus vacant real estate parcels providing long-term opportunities for alternative uses as market dynamics evolve.
Slifka continued, "The additional operational capabilities and supply optionality, along with the potential for real estate development, further deliver our commitment to strategic growth by diversifying our portfolio and capitalizing on assets that leverage our integrated network.”
About Global Partners LP
Building on a legacy that began more than 90 years ago, Global Partners has evolved into a Fortune 500 company and industry-leading integrated owner, supplier, and operator of liquid energy terminals, fueling locations, and guest-focused retail experiences. Global operates or maintains dedicated storage at 54 liquid energy terminals—with connectivity to strategic rail, pipeline, and marine assets— spanning from Maine to Florida and into the U.S. Gulf States. Through this extensive network, the company distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers. In addition, Global owns, operates and/or supplies more than 1,700 retail locations across the Northeast states, the Mid-Atlantic, and Texas, providing the fuels people need to keep them on the go at their unique guest-focused convenience destinations. Recognized as one of Fortune’s Most Admired Companies, Global Partners is embracing progress and diversifying to meet the needs of the energy transition.
Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.
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Investors:
Gregory B. Hanson
Chief Financial Officer
Global Partners LP
781-894-8800
GLP@investorrelations.com
Media:
Catie Kerns
SVP Corporate Affairs and Sustainability
Global Partners LP
781-894-8800
media@globalp.com
Source: Global Partners LP
