Sprague Operating Resources LCC, an NEC member, recently bought a refined product terminal in East Providence, Rhode Island, for $23 million
In conjunction with the purchase, Sprague announced an $8 million investment to convert half of the facility’s storage space into gasoline and ethanol services. The new services will create an additional stream of revenue when Sprague signs a gasoline services agreement with a supplier. The terminal currently has a storage capacity of over 1 million barrels.
“We are thrilled to convert our status from tenant to owner of this high quality terminal and welcome the site employees to the Sprague team,” said Sprague President and Chief Executive Officer, David Glendon. “We are looking forward to investing in the terminal and diversifying the product mix to include more ratable gasoline handling services, eventually making East Providence the highest volume gasoline facility in our system.”
The New England Council congratulates Sprague on its newest purchase and investment with the East Providence terminal. Read more in Sprague’s press release and Yahoo! Finance.
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