Sprague Operating Resources LLC Announces Motiva Bridgeport Terminal Acquisition
Portsmouth, NH – July 31, 2013. Sprague Operating Resources LLC (“Sprague”) today announced that its wholly owned subsidiary, Sprague Connecticut Properties LLC, has acquired a 100% ownership interest in Motiva Enterprises LLC’s Bridgeport Connecticut Terminal.
Located on the Long Island Sound, the Bridgeport terminal has approximately 1.1 million barrels of active storage capacity for a range of products including gasoline, heating oil, ultra-low sulfur diesel and ethanol. The facility also includes a dock for convenient and direct tanker offloading and extensive bio-blending capabilities.
“We are excited to expand our presence in the Southern Connecticut and Westchester County areas. Bridgeport will complement Sprague’s Mt. Vernon, New York and Stamford, Connecticut terminals, providing customers with an additional convenient location,” said Tom Flaherty, Vice President of Refined Product Sales at Sprague. “This facility’s expansive gasoline tankage will also further diversify Sprague’s product offerings and provide opportunities for additional throughput exchange relationships with other terminals.”
“The Bridgeport terminal will bring Sprague’s total on-line storage capacity to approximately 9.1 million barrels across fifteen facilities. This is an important geographic market for us and this terminal will provide our customers another user-friendly Sprague facility,” commented David Glendon, President and CEO of Sprague. “We have had a through-put relationship at Motiva Bridgeport for years and thus have a very good knowledge of the marketplace and the customer landscape. While some current Sprague customers lift at Bridgeport, this is also a chance to expand our customer base with additional regional players.”
About Sprague Operating Resources LLC:
Founded in 1870, Sprague is the leading independent supplier of energy products and related services in the Northeast and has with the addition of the Bridgeport terminal, more than approximately 9.1 million barrels of refined products storage at 15 owned and operated terminals. Sprague has been providing its retail, commercial, industrial, utility and wholesale customers with natural gas since 1994, selling more than approximately 50 billion cubic feet of natural gas annually. Sprague headquarters is located in Portsmouth, New Hampshire. www.spragueenergy.com
About Motiva Enterprises LLC:
Motiva Enterprise LLC is a joint venture between Shell and Saudi Refining Inc. that refines, distributes and markets oil products in the eastern and southern United States. Formed in 1998, Motiva operates primarily in the eastern and southern US. Its operations include nearly 7,700 Shell-branded gasoline stations, three refineries with a combined capacity of 740,000 barrels per day, and ownership interest in 41 refined product storage terminals with an aggregate storage capacity of approximately 19.8 million barrels.
SOURCE: Sprague Operating Resources LLC