Irving Oil Announces Successful Acquisition of South Portland Maine Marine Terminal in a Joint Venture
PORTSMOUTH, NH, July 19, 2011 /PRNewswire/ - Irving Oil announced today that it has acquired a petroleum product marine terminal in South Portland, Maine through a joint venture with an affiliate of Buckeye Partners, L.P. ("Buckeye") (NYSE: BPL). Under the terms of this arrangement, Irving Oil will have a majority of the approximately 725,000 barrels of storage capacity at the South Portland terminal, as well as long-term marketing rights at Buckeye's Bangor, Maine terminal.
"This acquisition complements our existing distribution facilities in the State of Maine and positions our Company to more efficiently meet the ever-changing needs of our present and future customers," said Mike Ashar, President, Irving Oil. "The deal also underscores our commitment to the energy security and economy of Maine."
Irving Oil is pleased to partner with Buckeye Partners, L.P. in this joint venture as they represent one of the largest and most experienced refined petroleum pipeline and terminal operators in the US.
About Irving Oil
Irving Oil was founded by K.C. Irving in 1924 and is a family-owned refining and marketing company dedicated to serving our customers throughout Atlantic Canada, Quebec and the US Northeast. Irving Oil's Refinery is located in Saint John, NB operating at over 300,000 barrels per day, which accounts for 75 percent of Canada's gasoline exports to the US. www.irvingoil.com.
SOURCE Irving Oil Limited