PBF Logistics to Buy U.S. Product Terminals
PBF Logistics LP said on Tuesday a subsidiary would buy four refined product terminals located on the U.S. East Coast from an affiliate of Plains All American Pipeline LP for $100 million, doubling its capacity.
The terminals are near PBF Energy Inc's refineries in Delaware City, Delaware and Paulsboro, New Jersey.
The acquisition includes 57 product tanks with total capacity of about 4.2 million shell barrels, connections to several pipeline systems, 26 truck-loading lanes and marine facilities capable of handling barges and ships.
PBF Logistics said the deal, which will add third-party customers to its revenue base, is expected to close in the second quarter.
Reporting by Swetha Gopinath