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Tonight.....Cloudy. Lows in the middle 40's. Winds mostly northeasterly at 3-14 mph. ...
Train crude oil terminal project announced for Port Arthur
WALTHAM, Mass. & KANSAS CITY, Mo.--(BUSINESS WIRE)--Global Partners LP (Global) (NYSE: GLP) and Kansas City Southern (KCS) (NYSE: KSU) today announced plans to develop a unit train terminal in Port Arthur, Texas.
Watch KFDM News at 6. We're investigating to learn the impact on jobs and the economy in Port Arthur.
The waterborne terminal, which will be constructed on a 200-acre parcel leased by Global from KCS, will serve initially as a destination for heavy crude from Western Canada utilizing 340,000 barrels of initial storage capacity. Upon commencement of unit train service, the terminal is expected to have an initial capacity of up to 2 unit trains per day.
"The Port Arthur terminal represents a significant opportunity to capitalize on strong demand for the movement of Western Canadian crude initially to one of the world's premier refining centers in the U.S. Gulf Coast"
"The addition of a crude destination terminal on the U.S. Gulf Coast will broaden and strengthen our logistics network," said Global President and Chief Executive Officer Eric Slifka. "Situated within a 100-mile radius of nearly 5 million barrels of Gulf Coast refining capacity and an expansive pipeline network, Port Arthur is a prime destination for crude and refined products. The terminal complements our assets on the East and West Coasts, expanding optionality for our customers. The Port Arthur site is advantageously positioned to serve the needs of producers, refiners and consumers, and we are proud to partner with one of North America's premier commercial rail carriers to develop this project."
"The Port Arthur terminal represents a significant opportunity to capitalize on strong demand for the movement of Western Canadian crude initially to one of the world's premier refining centers in the U.S. Gulf Coast," said KCS President and Chief Executive Officer David L. Starling. "Through their established base in the Northeast, North Dakota, Western Canada and the Pacific Northwest, Global has built an outstanding reputation for the quality of its logistics and terminal operations."
Construction of the terminal is contingent upon Global's receipt of all necessary permits.
Headquartered in Kansas City, MO, Kansas City Southern is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lazaro Cardenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. Kansas City Southern's North American rail holdings and strategic alliances are primary components of a NAFTA Railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. For additional information visit www.kcsouthern.com.
About Global Partners LP
A publicly traded master limited partnership, Global Partners LP is a midstream logistics and marketing company. Global owns, controls or has access to one of the largest terminal networks of refined petroleum products and renewable fuels in the Northeast, and is one of the largest distributors of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in New England and New York. Global is a leader in the purchasing, selling and logistics of transporting domestic and Canadian crude oil and other products by rail across its "virtual pipeline" from the mid-continent region of the U.S. and Canada to the East and West Coasts for distribution to refiners and other customers. With a portfolio of approximately 900 locations primarily in the Northeast, Global also is one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores. In addition, Global is a distributor of natural gas and propane. Global is No. 146 in the Fortune 500 list of America's largest corporations. For additional information visit www.globalp.com.
This news release may contain forward-looking statements. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words "may," "believe," "should," "could," "expect," "anticipate," "plan," "intend," "estimate," "will likely result," or other similar expressions. In addition, any statement made by management of either Global Partners LP or KCS concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects and possible actions by Global Partners LP, KCS or their subsidiaries are also forward-looking statements.
Although Global Partners LP and KCS believe these forward-looking statements are reasonable as and when made, there may be events in the future that Global Partners LP and KCS are not able to predict accurately or control, and there can be no assurance that future developments affecting their respective business will be those that each of them anticipates.
For additional information about risks and uncertainties that could cause actual results to differ materially from the expectations Global Partners LP and KCS describe in these forward-looking statements, please refer to their Annual Reports on Form 10-K for the year ended December 31, 2013 and subsequent filings that they make with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made. Global Partners LP and KCS expressly disclaim any obligation or undertaking to update forward-looking statements to reflect any change in their expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based.