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Global Partners LP Acquires East Providence Terminal from ExxonMobil

Author

Slice of Energy Team
November 05, 2024

Key Highlights:

  • Acquisition of East Providence terminal from ExxonMobil Oil Corporation

  • Terminal includes 959,730-barrel capacity across 10 product tanks

  • Strategic asset for gasoline, additives, distillates, and ethanol storage

  • Expands operational reach to Rhode Island, Northern Connecticut, and Southern Massachusetts

  • Offers long-term growth potential with additional vacant real estate

Source: Business Wire

Notable Quote:

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"The acquisition of the East Providence terminal aligns perfectly with our strategic goals. 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."

Eric Slifka, President and Chief Executive Officer at Global Partners LP

Our Take:

The acquisition of ExxonMobil’s East Providence terminal marks a significant expansion for Global Partners LP, reinforcing its position as a key player in the Northeast liquid energy market. This facility’s substantial storage capacity and multi-product capabilities align with Global's strategy to enhance its infrastructure and optimize distribution efficiency. By securing surplus real estate, Global is poised to capitalize on future market dynamics, supporting both traditional and alternative energy ventures. This acquisition not only strengthens Global’s regional influence but also aligns with its strategic focus on diversifying its energy assets in an evolving marketplace.