Updates
March 12, 2014: Global Partners ordered to stop expansion in Albany County, New York.
Original Post
Link here to MarketWach.com.
The original post can be found at this link.
Here is additional information, provided by a reader, thank you.
Global Partners LP today announced that it has signed a five-year contract with Phillips 66 under which Global will use its rail transloading, logistics and transportation system to deliver crude oil from the Bakken region of North Dakota to Phillips 66's Bayway, NJ refinery.
The terms of the contract include a take-or-pay commitment from Phillips 66 to receive approximately 91 million barrels of crude oil over the contract term, which equates to approximately 50,000 barrels per day.
The Bakken crude oil is expected to be transloaded at Basin Transload LLC's North Dakota rail facilities. Global has agreed to purchase a 60% interest in Basin Transload.
As a continuation of the partnership between Canadian Pacific and Global, the crude oil will be transported on CP's rail network from the Bakken directly to Global's terminal in Albany, NY.According to the Boston Globe, Basin Transload operates two rail facilities in North Dakota. That link then takes you to a press release which completes the story:
The transloading facilities are approximately 195 miles apart in Columbus and Beulah*, North Dakota. The Columbus facility is located along the Canadian Pacific Railway and provides single line haul service to Global’s recently expanded terminal in Albany, NY.
Basin Transload’s Beulah site, which supports crude oil production efforts in the Williston Basin, is located along the Burlington Northern Santa Fe Railroad with direct long-haul service to the West Coast and Gulf Coast markets. The Partnership owns and operates a 100,000 barrel storage tank and truck offloading rack at the Columbus facility.
Under the purchase agreement, Global will acquire a 60% membership interest in Basin Transload, with the remaining 40% split evenly between current owners TGC, L.P. and MBI Holdings, LLC. Global intends to arrange an optimal financing structure for the transaction, and is currently considering several debt financing options.A huge "thank you" to the reader for sending me an update. I was curious where the transloading facilities where and his/her link ultimately led us to the answer. Whoo-ah!
I try to keep track of all CBR facilities in North Dakota at this site.
*By the way: what's with that "approximately 195 miles apart"? According to Google maps, Beulah and Columbus are 198 miles apart. Why didn't the press release simply say "approximately 200 miles apart"? Enquiring minds would like to know. Rhetorical. Answers not expected. However, this is noteworthy: one facility is in the northern operations of the North Dakota Bakken (Canadian Pacific) and one is in the southern operations of the North Dakota Bakken (BNSF).
It starts this way...
ReplyDelete"Am spending time on the PERC site in order to explore the energy boom of the Bakken and its profound transformation of the American West, and came across this recommendation on the PERC twitter site, from the Zeitgeist confabs, a presentation by polymath and columnist
..."
and then gets weird, but perhaps in a way that will interest you.
Yes, it makes it to Turkey, and the bones.
http://johnbatchelorshow.com/blog/2013/01/ten-thousand-years-now
anon 1
Wow! You "read" me way too well. I just scanned a bit of that, but what I saw ... yes, exactly what I enjoy. I don't know if you caught it but just the way he wrote this line:
Delete"...the Macbookpro I am writing on, with the help of a wireless keyboard and trackpad, are the products of a myriad trade network of natural resources and manufacturing and rule-making that produce a tool that no one person, or even several persons, could actually explain."
... tells me all I need to know that I will enjoy this site. I will link it at the sidebar at the right under "Quirky" although it deserves better than that, and maybe needs to be linked under "External Links."
That does look like a fun site to explore. Thank you.
Yes, I saw, and forgot to mention the Macbook reference.
ReplyDeleteIt is actually a blog post on Batchelor's site. His radio show is all interviews, many interesting and different from my usual sources. Often foreign affairs. Often ahead of others.
http://johnbatchelorshow.com/
I listen to the podcasts at double speed. Still a lot of stuff. I skip some that don't interest me, and have to skip reruns which are not omitted.
China economy and politics are recurring themes. Lots on middle east stuff. Generally done through interviews of knowledgable people, well known or off the beaten track.
JB knows a lot - half as much as he thinks he knows.
anon 1
Amazing. Just so much good stuff out there on the net. Again, thank you for sending the link.
Delete