Global Partners Announces Approval to Build Compressed Natural Gas Loading Station in Bangor, Maine
Partnership Signs Agreement to Receive Firm Supply from Bangor Gas Company
WALTHAM, Mass.--(BUSINESS WIRE)-- Global Partners LP (NYS: GLP) , a FORTUNE 500® midstream logistics and marketing company, today announced that its subsidiary, Global CNG LLC ("Global CNG"), has received approval from the Bangor Planning Board to develop and operate a compressed natural gas loading station in Bangor, Maine. When construction of the station at Maine Avenue and Godfrey Boulevard is complete, Global CNG, through an alliance with Bangor Gas Company, will provide large commercial, industrial and municipal customers with firm natural gas supply on a year-round basis. The station is scheduled to be open by the end of August.
Global CNG has entered into a multi-year agreement with Bangor Gas, a Gas Natural Inc. company (NYS: EGAS) , to provide firm natural gas supply through its system in Bangor. The CNG station will use proprietary compression technology developed by OsComp Systems, Inc. ("OsComp") designed to reduce the energy required to compress and transport natural gas. Global Partners announced in March that it had teamed with OsComp to deliver CNG to customers in New England via truck utilizing OsComp's unique turnkey system, which incorporates specialized trailers and unloaders to create a "virtual" natural gas pipeline.
"First and foremost, our new CNG station is a win for businesses in Maine," said Eric Slifka, the Partnership's President and Chief Executive Officer. "The station will provide our customers with safe, convenient and cost-effective CNG to meet their year-round energy needs. This project leverages our technology relationship with OsComp Systems and our alliance with Bangor Gas to deliver CNG to manufacturers, hospitals, water treatment facilities, power plants and other large customers or institutions that are not connected to a pipeline. We bring the pipeline to the customer, creating a potential energy savings of up to 30 to 40% or $1 or more per equivalent gallon of delivered fuel oil."
"Our position as one of the region's leading natural gas distribution companies, combined with Global Partners' expertise in energy storage, transportation and marketing, creates a unique opportunity," said Gregory J. Osborne, Director of Gas Natural Inc. "Customers will benefit from this combined strength, receiving our commitment to provide the highest level of service and a firm supply of natural gas. The virtual pipeline is an extension of our commitment to the state of Maine and its businesses."
"This is a true example of partnership with proven industry leadership combined with new technology to meet the growing customer demand for energy savings," said Pedro Santos, CEO and President of OsComp.
OsComp's CNG virtual pipeline model incorporates its Rapid Fill™ compression technology. Rapid Fill enables CNG trailers to be filled in excess of four times faster than conventional filling systems. Faster turn-around time results in lower costs and thus lower energy prices for the end customer. OsComp has a broad portfolio of patented and patent-pending innovations that will reduce cost and increase efficiency of the trucked CNG system.
About Global Partners LP
A publicly traded master limited partnership, Global Partners LP is a midstream logistics and marketing company. Global is a leader in the logistics of transporting Bakken and Canadian crude oil and other energy products via rail, establishing a 'virtual pipeline' from the mid-continent region of the U.S. and Canada to refiners and other customers on the East and West coasts. Global owns, controls or has access to one of the largest terminal networks of petroleum products and renewable fuels in the Northeast, and is one of the largest wholesale distributors of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in New England and New York. With a portfolio of approximately 1,000 locations in nine states, the Partnership is also one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores in the Northeast. In addition, the Partnership is a distributor of natural gas. Global is No. 182 in the Fortune 500 list of America's largest corporations. For additional information visit www.globalp.com.
Some of the information contained in this news release may contain forward-looking statements. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words "may," "believe," "should," "could," "expect," "anticipate," "plan," "intend," "estimate," "continue," "will likely result," or other similar expressions. In addition, any statement made by Global Partners LP's management concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects and possible actions by Global Partners LP or its subsidiaries are also forward-looking statements.
Although Global Partners LP believes these forward-looking statements are reasonable as and when made, there may be events in the future that Global Partners LP is not able to predict accurately or control, and there can be no assurance that future developments affecting Global Partners LP's business will be those that it anticipates.
For additional information about risks and uncertainties that could cause actual results to differ materially from the expectations Global Partners LP describes in its forward-looking statements, please refer to Global Partners LP's Annual Report on Form 10-K for the year ended December 31, 2012 and subsequent filings the Partnership makes with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made. Global Partners LP expressly disclaims any obligation or undertaking to update forward-looking statements to reflect any change in its expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based.
Global Partners LP
Thomas J. Hollister, 781-894-8800
Chief Operating Officer and Chief Financial Officer
Global Partners LP
Edward Faneuil, 781-894-8800
Executive Vice President, General Counsel and Secretary
KEYWORDS: United States North America Maine Massachusetts
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