Kaneb acquires oil terminal from ExxonMobil

An operating subsidiary of Kaneb Pipe Line Partners LP, Dallas, has completed the acquisition of the 590,000 bbl Philadelphia oil terminal of ExxonMobil Corp., which will remain a customer. The terminal containing 10 storage tanks is on the Schuykill River adjacent an existing 894,000 cu m terminal that Kaneb acquired in 1999 and that is operated by its subsidiary ST Services.

May 21, 2004

By OGJ editors

HOUSTON, May 21 -- An operating subsidiary of Kaneb Pipe Line Partners LP, Dallas, has completed the acquisition of the 590,000 bbl Philadelphia oil terminal of ExxonMobil Corp., which will remain a customer.

The terminal containing 10 storage tanks is on the Schuykill River adjacent an existing 894,000 cu m terminal that Kaneb acquired in 1999 and that is operated by its subsidiary ST Services. Both terminals are linked to the pipeline systems of Colonial Pipeline Co., Atlanta, and Sun Oil Pipeline Co., Taylor, Mich.

The latest acquisition will give Kaneb the combined storage equivalent of a 1.5 million bbl terminal, said Kaneb Chairman Edward D. Doherty.