Wednesday, July 6, 2011

Sunoco buys New Jersey terminal

Sunoco Logistics is to buy Eagle Point tank farm in Westville, New Jersey, US, from ConocoPhillips for about $100 million (€69 million).

Once purchased, the company says it will spend a further $90 million on the facility so that it can create ‘operational flexibility’ and also in order to meet ‘regulatory requirements’.

Sunoco is to buy the refined products terminal located in East Boston, Massachusetts, US, for about $56 million plus inventory.

Sunoco is to use its credit facilities to gain more financing for the purchase.

There are around five million barrels of active storage for clean products and dark oils, and there is room to expand if it wants.

‘Together with our existing pipeline connectivity, dock space, and refined products rack at Eagle Point, the tank farm establishes this location as a major terminal operation on the East Coast with import and export capabilities and room to grow,’ says Michael Hennigan, president and CEO of Sunoco.

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