Global Partners to Purchase Ethanol and Transloading Facility in Oregon for $95 Million

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Researched by Industrial Info Resources (Sugar Land, Texas)--Global Partners LP (NYSE:GLP) (Waltham, Massachusetts) is working to acquire all of the membership interests in a West Coast crude oil transloading and ethanol facility in Clatskanie, Oregon, from Cascade Kelly Holdings LLC (Longview, Washington) for an estimated $95 million. The facility is currently operated by Columbia Pacific Bio-Refinery (CPBR).

The acquisition includes a 120 gallon-per-year, corn-based fuel ethanol plant that is currently sitting idle, and a transloading facility that moves petroleum products from the Williston Basin in North Dakota to various crude oil markets.

The rail facility is serviced by BNSF Railway and short-line hauler Portland & Western. It has 200,000 barrels of storage capacity, a 1,200-foot barge loading dock, and a deep-water terminal. Facilities also include a four-tank car unloading station. When operating at capacity, CPBR can unload a 96-car unit train of ethanol in less than 24 hours.

"With the pending closing of our Basin Trans load acquisition this quarter, these new assets increase our capability to transport crude from the U.S. and Canadian mid-continent and extend our virtual pipeline to the West," said Eric Slifka, the president, director and chief executive officer of Global Partners LP.

The 44-acre site is located on the Columbia River and is leased from the Port of St. Helens under a 60-year agreement with 20-year renewal options. Additionally, CPBR owns a 5-acre parcel housing the plant's 8 million-gallon final product storage tanks.

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