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PBF Logistics buys East Coast terminal assets for $100m

LBR Staff Writer Published 02 May 2016

PBF Logistics has completed the acquisition of four refined product terminals from an affiliate of Plains All American Pipeline in the US, for about $100m.

PBL

Situated in the Philadelphia market, the East Coast Terminals arelocated in the sixth largest metropolitan area in the US.

The acquisition is said to expand PBF's storage and terminalling operations, as well as adds third-party customers to the firm's revenue base.

The terminals offer a crucial link for around 1.3 million barrels per day of refining capacity situated within 100 miles of the terminals and associated downstream demand.

PBF has purchased assets, comprising of 57 product tanks with a total shell capacity of around 4.2 million shell barrels, pipeline connections to the Colonial, Buckeye, Sunoco Logistics and other proprietary pipeline systems.

In addition, the firm acquired 26 truck loading lanes and marine facilities that will handle barges and ships.

PBF Logistics CEO Thomas Nimbley said: "Completing the East Coast Terminals transaction is PBFX's first third-party acquisition, adds meaningful third-party, fee-based revenue and represents an attractive acquisition multiple.

"We have increased the Partnership's total storage capacity by over 100% to approximately 8 million shell-barrels and diversified our customer and asset base."

PBF Logistics owns and operates crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets.


Image: PBF Logistic has acquired four refined product terminals in the greater Philadelphia region. Photo: courtesy of Chaiwat / FreeDigitalPhotos.net.