PBF Logistics LP (NYSE: PBFX) said on Feb. 2 a subsidiary would buy four refined product terminals located on the U.S. East Coast from an affiliate of Plains All American Pipeline LP (NYSE: PAA) for $100 million, doubling its capacity.
The terminals are near PBF Energy Inc's refineries in Delaware City, Del., and Paulsboro, N.J.
The acquisition includes 57 product tanks with total capacity of about 4.2 million shell barrels, connections to several pipeline systems, 26 truck-loading lanes and marine facilities capable of handling barges and ships.
PBF Logistics said the deal, which will add third-party customers to its revenue base, is expected to close in the second quarter.
Recommended Reading
E&P Highlights: Oct. 7, 2024
2024-10-07 - Here’s a roundup of the latest E&P headlines, including a major announcement from BP and large contracts in the Middle East.
VTX Energy Quickly Ramps to 42,000 bbl/d in Southern Delaware Basin
2024-09-24 - VTX Energy’s founder was previously among the leadership that built and sold an adjacent southern Delaware operator, Brigham Resources, for $2.6 billion.
BP Energy Partners Invests in Pipeline Inspection Company Novitech
2024-10-24 - BP Energy Partners will invest in Novitech, whose Micron Technology is a leading pipeline inspection technology in the energy industry.
Chevron Pushing Longer Laterals in Argentina’s Vaca Muerta Shale
2024-09-13 - Chevron Corp., already drilling nearly 2.8-mile laterals at its Loma Campana Field in Argentina, wants to drill even longer horizontals, an executive told Hart Energy.
E&P Highlights: Sept. 9, 2024
2024-09-09 - Here’s a roundup of the latest E&P headlines, with Talos Energy announcing a new discovery and Trillion Energy achieving gas production from a revitalized field.