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April 12, 2024

New Haven’s shoreline oil terminal sold to Global Partners in four-parcel Northeast deal 

Google The Gulf Oil terminal in New Haven
By Hanna Snyder Gambini

New Haven’s oil terminal along the shoreline has been sold as part of a four-parcel Northeast acquisition by a global energy company.

Global Partners LP announced this week that it has acquired four liquid energy terminals from Gulf Oil Limited Partnership. 

In addition to the New Haven facility at 500 Waterfront St., the $212.3 million deal includes terminals in Chelsea, Massachusetts, and Linden and Woodbury, New Jersey, the company said.

Global’s terminals supply gasoline, distillates, residual oil, and renewable fuels to a range of wholesalers, retailers and commercial customers.

This deal “will further enhance Global’s position in the energy economy of the Northeast,” company officials said in a release. They added, “With a combined shell capacity of approximately 3 million barrels, these terminals expand Global’s ability to store and distribute gasoline, distillates and ethanol.” 

Company officials said the acquisition aligns with Global’s strategy to acquire and invest in assets that allow the partnership to leverage scale from its integrated network in high-demand markets.

It was not disclosed how much Global paid for the New Haven site. The property has a total appraised value of nearly $7.2 million as of 2022, according to city records.

Global operates or maintains dedicated storage at 49 liquid energy terminals from Maine to Florida and into the U.S. Gulf States. Global also owns, supplies, and operates more than 1,700 retail locations across 12 Northeast states, the Mid-Atlantic and Texas.

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