EAST PROVIDENCE – ExxonMobil Oil Corp. has sold a liquid energy terminal facility on the city waterfront to Waltham-based Global Partners LP.
The terminal, which includes 10 product tanks with a 959,730-barrell shell capacity, can store products including gasoline, additives, distillates and ethanol, Global Partners detailed in its announcement of the acquisition.
The property features a six-bay truck rack and dock capabilities to serve long-range vessels, and will service vessels in the Rhode Island, southern Massachusetts and northern Connecticut markets.
With the purchase, Global Partners will also acquire "vacant real-estate parcels providing long-term opportunities for alternative uses as market dynamics evolve," the company said in a statement.
Eric Slifka, president and CEO of Global Partners LP, said that the acquisition will provide "additional operational capabilities and supply optionality, along with the potential for real estate development."
The company will use these facilities to "further deliver our commitment to strategic growth by diversifying our portfolio and capitalizing on assets that leverage our integrated network," he added.
In 2021, ExxonMobil entered a 10-year
tax treaty with East Providence, which required ExxonMobil to put 40.5 acres east of Wampanoag Trail and 80 acres of land to the east of Citizens Bank Operations Center on Citizens Drive up for sale.
In addition to laying out requirements for the future sale and development of the property, that agreement includes tax assessments adjustments and tax credits.
Jacquelyn Voghel is a PBN staff writer. You may reach her at Voghel@PBN.com.