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
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
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.