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Sunoco Logistics to Buy Eagle Point For $100M

WESTVILLE, NJ-The oil pipeline and storage operator is acquiring the tank farm from its part-owner Sunoco Inc.

By Debra Hazel | Updated on June 30, 2011

WESTVILLE, NJ-Sunoco Logistics Partners L.P. has reached an agreement with part owner Sunoco, Inc. to purchase the Eagle Point tank farm and related assets here for approximately $100 million in deferred distribution units. Sunoco Logistics then plans to spend some $90 million to provide for operational flexibility and to meet regulatory requirements. The deal is expected to close in the third quarter.

The Eagle Point tank farm consists of approximately five million barrels of active storage for clean products and dark oils, with the potential to expand storage capacity in the future.  Sunoco Logistics is a publicly traded limited partnership that owns and operates oil pipelines, terminals and storage facilities. Sunoco Inc. owns 31% of Sunoco Logistics.

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