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Waltham MA (SPX) Mar 24, 2010 Global Partners has announced a multi-million-dollar expansion and tank refurbishment project that will add 180,000 barrels of ethanol storage capacity and rail access at the Partnership's refined petroleum products terminal in Albany, New York. Developed jointly with Canadian Pacific Railway, the project, expected to be operational in 2010, includes modifications that will enable the Albany terminal to schedule the delivery of 80-car trains of ethanol. Global Partners will connect the terminal to CP's adjacent Kenwood Yard rail facility via pipeline. The terminal and rail facility are strategically located along the Hudson River, providing access to the Partnership's terminal network in the Northeast. "This strategic project further advantages our Albany terminal as a low-cost, logistically situated asset within our supply and distribution chain," said Global Partners' President and Chief Executive Officer Eric Slifka. "The terminal and rail facility serves as an advantaged distribution point for our network of terminals throughout the Northeast." Global Partners' estimated cost for this project is approximately $5 million. The Partnership will be responsible for enhancements to its terminal, including the refurbishment of two refined petroleum product tanks to store ethanol. CP will be responsible for construction of the rail car unloading facility at Kenwood Yard. CP has single-line haul capability from the U.S. Midwest to water on the U.S. Eastern seaboard. In a separate and complementary project, Global Partners also is converting two distillate storage tanks to gasoline storage at the Albany facility. "Connecting our terminal to CP's Kenwood Yard provides us with another supply option into and out of the Albany terminal, thereby creating an additional revenue opportunity and further enhancing our operating efficiencies," Slifka said. "The project diversifies our product base and enables us to meet the market's growing need for ethanol in the Northeast." These initiatives, together with earlier tank rehabilitations completed by Global Partners, will increase the storage capacity at the Albany terminal from approximately 737,000 barrels when the Partnership acquired it in May 2007 to approximately 1.2 million barrels.
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