Global Partners completes acquisition of West Coast crude oil and ethanol facility
Global Partners LP, a Waltham company that operates oil terminals, said Tuesday that it has completed its previously announced acquisition of a West Coast crude oil and ethanol facility.
The company acquired 100 percent of the membership interests of Cascade Kelly Holdings LLC, a West Coast crude oil and ethanol facility near Portland, Ore. The purchase price, subject to post-closing adjustments, was about $95 million, the company said in a press release.
“The purchase of this crude oil and ethanol facility strategically enhances our network of origin and destination assets, and extends Global’s virtual pipeline to the West Coast,” Eric Slifka, Global’s president and chief executive, said in a statement. “Just as we have for East Coast refiners since 2011, Global can now supply cost-competitive crude from the U.S. and Canadian mid-continent to refiners on the West Coast. The Clatskanie site is linked via the BNSF Railway to our Basin Transload facility in Beulah, N.D., facility, where we are constructing a 140,000 barrel tank and truck offloading rack to support crude oil production in the Williston Basin.”
In January alone, Global moved 100,000 barrels of oil a day from North Dakota to Albany by rail, a recent Globe story noted.Chris Reidy can be reached at email@example.com.