GO
Loading...

UPDATE 1 - United Refining to buy New York marine terminal

Tuesday, 9 Oct 2012 | 1:37 PM ET

NEW YORK, Oct 9 (Reuters) - United Refining Inc has agreed to buy Phillips 66's marine terminal and associated assets near New York Harbor, a deal that will add a five-million-barrel oil storage facility to the company's northeast assets, the two companies said on Tuesday.

Pending regulatory approval, United Riverhead Terminal Inc., an affiliate of United Refining, will take ownership the Riverhead, New York terminal, about 80 miles east of the New York Harbor, at the end of October.

Terms of the deal were not disclosed.

The marine terminal is currently used to store and ship crude oil, heavy fuels, diesel and gasoline. Its offshore marine platform is the only deepwater loading and unloading facility on the U.S. East Coast and can handle Suezmax vessels and Very-Large Crude Carriers (VLCC) tankers.

Phillips 66 said in a statement that the sale is part of its strategy to divest assets that do not fit with its long-term business objectives.

Houston, Texas-based Phillips in June sold its 185,000 barrel-per-day refinery in Trainer, Pennsylvania to Monroe Energy, LLC, a subsidiary of Delta Air Lines Inc .

United Refining operates a 65,000 barrel-per-day refinery in Warren, Pennsylvania.

(Reporting by Selam Gebrekidan; Editing by Bob Burgdorfer)

((selam.gebrekidan@thomsonreuters.com)(646 223 6125)(Reuters Messaging: selam.gebrekidan.reuters.com@reuters.net))

Keywords: MARINE TERMINAL/PHILLIPS UNITED

  Price   Change %Change
DAL
---