Global Partners to acquire Oregon crude oil and ethanol facility
Global Partners LP, a Waltham company that owns, controls, or has access to one of the largest terminal networks of refined petroleum products and renewable fuels in the Northeast, said Monday that it has agreed to a $95 million deal that will add an Oregon crude oil and ethanol facility to its network.
Specifically, Global Partners said it has agreed to acquire 100 percent of the membership interests in the facility from Cascade Kelly Holdings LLC.
The transaction includes a rail transloading facility serviced by the BNSF Railway, 200,000 barrels of storage capacity, a deepwater marine terminal, a 1,200-foot dock, and the largest ethanol plant on the West Coast, Global Partners said in a press release.
The facility is located along the Columbia River in Clatskanie, Ore., which is near Portland, the company said.
“This transaction capitalizes on our advantaged logistics and enables Global to supply cost-competitive crude and ethanol to refiners and customers on the West Coast,” Eric Slifka, Global’s president and chief executive, said in a statement. “From our origination hub in the Bakken region of North Dakota, we will now have destination assets on both coasts. The Oregon site is linked via BNSF to the Basin Transload facility in Beulah, N.D., while our Albany, N.Y., terminal is connected via single line haul on Canadian Pacific to the Basin Transload location in Columbus, N.D. This facility also creates a link between the Western Canadian Sedimentary Basin and Pacific refiners. With the pending closing of our Basin Transload acquisition this quarter, these new assets increase our capability to transport crude from the US and Canadian mid-continent and extend our virtual pipeline to the West.”Chris Reidy can be reached at email@example.com.