In the news release, United Refining Company Affiliate to Purchase Phillips 66's Long Island 5 Million Barrel Petroleum Terminal, issued 09-Oct-2012 over PR Newswire, we are advised by a representative of the company that the source should have been "United Refining Company" rather than "Phillips 66" as originally issued inadvertently. The complete, corrected release follows:
United Refining Company Affiliate to Purchase Phillips 66's Long Island 5 Million Barrel Petroleum Terminal
The only deepwater loading and unloading platform on the US East Coast
HOUSTON, Oct. 9, 2012 /PRNewswire/ -- Phillips 66 (NYSE: PSX) and United Riverhead Terminal, Inc.,("URT"), an affiliate of United Refining Company of Warren, Pa., have entered into an agreement for URT to purchase Phillips 66's Riverhead, N.Y., marine petroleum terminal and associated assets. The transaction is expected to close at the end of October depending upon regulatory approval. The terms of the agreement were not disclosed.
The Riverhead terminal is located on the North Shore of Long Island, New York, approximately 80 miles east of New York Harbor. The facility encompasses 280 acres and has over 5 million barrels of petroleum storage capability. The Riverhead marine terminal is utilized as storage and transshipment hub for crude, heavy fuels, diesel and gasoline, and the offshore marine platform is the only deepwater loading/unloading platform on the US East Coast. With an operating draft of 64ft, the terminal's offshore platform routinely receives Suezmax vessels and is capable of handling VLCC tankers.
"We are pleased to add the Riverhead Terminal to our operations," said John A. Catsimatidis, Chairman and Chief Executive Officer of United Refining Company. "We will be able to provide storage and terminaling services to a wide variety of customers throughout the world. Current Riverhead Terminal Supervisor Dan Gianfalla will continue to manage the facility for us with his highly trained crew.""The sale of the Riverhead Terminal is part of Phillips 66's ongoing strategy to divest assets that do not fit with our long-term business objectives," said Tim Taylor, executive vice president, Commercial, Marketing, Transportation and Business Development for Phillips 66. Moelis & Company served as advisor to United and Bank of America Merrill Lynch served as advisor to Phillips 66.