Sunoco Logistics acquiring storage facilities

Sunoco Logistics Partners LP has agreed to acquire oil storage facilities in New Jersey and Massachusetts.

June 29, 2011

By OGJ editors
HOUSTON, June 29 -- Sunoco Logistics Partners LP has agreed to acquire oil storage facilities in New Jersey and Massachusetts.

It will acquire a tank farm at the idle Eagle Point refinery in Westville, NJ, for $100 million in a stock deal from Sunoco Inc. It plans to invest $90 million to improve operational flexibility and meet regulations.

The facility includes about 5 million bbl of active storage for clean products and dark oils and has room for expansion. The deal excludes processing units and a cogeneration plant at the 150,000 b/d refinery, which Sunoco is trying to sell.

Separately, Sunoco Logistics signed a definitive agreement to buy a products terminal in East Boston, Mass., for $56 million plus the value of inventory from ConocoPhillips. The terminal, with storage capacity of about 1.2 million bbl, serves Logan International Airport.