New York, NY, Jan. 22, 2014 (GLOBE NEWSWIRE) -- Arc Logistics Partners LP ("Arc Logistics" or the "Partnership"), through its wholly-owned subsidiary Arc Terminals Holdings LLC ("Arc Terminals"), has extended its operational footprint and customer relationships into the West Coast market by executing a fifteen-year lease on a petroleum products terminal in Portland, Oregon (the "Portland Terminal") concurrent with the CorEnergy Infrastructure Trust, Inc. ("CorEnergy") acquisition of the Portland Terminal from an unaffiliated third-party. The Partnership also has an option to purchase the Portland Terminal. Vince Cubbage, CEO of Arc Logistics, commented, "The Portland Terminal is an important addition to our asset base supported by a long term contract with a major oil company. Based on minimum contracted throughput volumes, we expect the transaction to be accretive to 2014 distributable cash flow. Importantly, we expect the Portland Terminal to provide the opportunity for significant incremental growth as additional customers or terminal capabilities are developed."
Arc Logistics will have 100% operational and commercial control of the Portland Terminal, a rail/marine facility adjacent to the Willamette River in Portland, Oregon. The 39-acre site has 84 tanks with a total storage capacity of 1,466,000 barrels and is capable of receiving, storing and delivering heavy and refined petroleum products. Products are received and/or delivered via railroad, marine (up to Panamax size vessels) and a truck loading rack. The marine facilities are accessed through a neighboring terminal facility via pipeline. The Portland Terminal offers heating systems, emulsions and an on-site product testing laboratory as ancillary services.
The Portland Terminal increases Arc Logistics' operated storage capacity to approximately 6.5 million barrels and expands the Partnership's geographic presence. This transaction illustrates the Partnership's commitment to execute its business strategy by expanding its market position and supporting the expansion plans of its existing customers, while generating stable cash flows for its unit holders. "The opportunity surrounding the Portland Terminal is an example of the Partnership's commitment to support its customers' commercial activity and growth initiatives by expanding its operational platform for their benefit," added John Blanchard, President of Arc Terminals.
About Arc Logistics Partners LP
Arc Logistics is a fee-based, growth-oriented limited partnership that owns, operates, develops and acquires a diversified portfolio of complementary energy logistics assets. Arc Logistics is principally engaged in the terminalling, storage, throughput and transloading of crude oil and petroleum products. For more information please visit www.arcxlp.com.
Forward Looking Statements
Certain statements and information in this press release may constitute "forward-looking statements." Certain expressions including "believe," "expect," or other similar expressions are intended to identify the Partnership's current expectations, opinions, views or beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. The forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership's control) and assumptions that could cause actual results to differ materially from its historical experience and its present expectations or projections. Important factors that could cause actual results to differ from forward looking statements include but are not limited to: (i) adverse economic, capital markets and political conditions; (ii) changes in the market place for the Partnership's products and services; (iii) changes in supply and demand of crude oil and petroleum products; (iv) actions and performance of the Partnership's customers, vendors or competitors; (v) changes in the cost of or availability of capital; (vi) unanticipated capital expenditures in connection with the construction, repair, or replacement of the Partnership's assets; (vii) operating hazards, unforeseen weather events or matters beyond the Partnership's control; (viii) effects of future laws or governmental regulations; and (ix) litigation. For additional information regarding known material factors that could cause the Partnership's actual results to differ from projected results, please see "Risk Factors" in the prospectus filed on November 7, 2013 with the SEC and subsequent SEC filings. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The Partnership undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Source:Arc Logistics Partners LP