Oct 5 Global Partners LP, which distributes petroleum products, said it will buy a majority stake in two transloading facilities in North Dakota for about $80 million to expand its presence in the energy-rich Bakken region.
The company will acquire a 60 percent membership interest in privately held Basin Transload LLC, which operates the two facilities. The facilities have a combined rail loading capacity of 160,000 barrels per day.
Output in the Bakken - which spans North Dakota, Montana and Canada - is expected to double to about 1.2 million barrels per day by 2015. Output there was only 6,000 barrels per day six years ago, according to data from North Dakota.
Exxon Mobil Corp, the world's largest publicly traded energy company, last month said it will buy Denbury Resources Inc's properties in the Bakken shale for about $1.6 billion.
Global Partners said the transaction is expected to be add to its earning in the first full year of operation. The deal is expected to close by the end of this year.
Units of Waltham, Massachusetts-based Global Partners, valued at about $733 million, closed at $26.71 on Thursday on the New York Stock Exchange.