Global Partners Signs Agreement to Acquire West Coast Crude Oil and Ethanol Facility

  Global Partners Signs Agreement to Acquire West Coast Crude Oil and Ethanol

 Transaction Extends Partnership’s Virtual Pipeline and Advantaged Logistics;

            $95 Million Acquisition Scheduled to Close in Q1 2013

Business Wire

WALTHAM, Mass. -- January 28, 2013

Global Partners LP (NYSE: GLP) today announced that it has signed an agreement
to acquire 100 percent of the membership interests in a West Coast crude oil
and ethanol facility near Portland, Oregon from Cascade Kelly Holdings LLC.
The total purchase price is expected to be approximately $95 million. The
transaction includes a rail transloading facility serviced by the BNSF
Railway, 200,000 barrels of storage capacity, a deepwater marine terminal, a
1,200-foot dock and the largest ethanol plant on the West Coast. Situated
along the Columbia River in Clatskanie, Oregon, the site is located on land
leased under a long-term agreement from the Port of St. Helens. In November
2012, the facility began transloading unit trains of crude oil.

“This transaction capitalizes on our advantaged logistics and enables Global
to supply cost-competitive crude and ethanol to refiners and customers on the
West Coast,” said Eric Slifka, Global’s president and chief executive officer.
“From our origination hub in the Bakken region of North Dakota, we will now
have destination assets on both coasts. The Oregon site is linked via BNSF to
the Basin Transload facility in Beulah, North Dakota while our Albany, NY
terminal is connected via single line haul on Canadian Pacific to the Basin
Transload location in Columbus, North Dakota. This facility also creates a
link between the Western Canadian Sedimentary Basin and Pacific refiners. With
the pending closing of our Basin Transload acquisition this quarter, these new
assets increase our capability to transport crude from the U.S. and Canadian
mid-continent and extend our virtual pipeline to the West.”

“Because certain regions of the West Coast energy market have limited pipeline
access, the dynamics of sourcing and logistics for PADD V refiners and
customers are comparable to those we see in the Northeast,” Slifka said. “As
we have demonstrated to those customers, we believe that we can apply our rail
and marine expertise to meet the demand for crude and ethanol on the West
Coast. Given the 3.3 million barrels a day of crude refining capacity in PADD
V, this facility represents an opportunity for Global to drive additional
product volumes and enhance margins.”

Global’s purchase of Cascade Kelly Holdings, which has been approved by the
Board of Directors of the Partnership’s general partner, Global GP LLC, is
subject to customary regulatory approvals and various other customary
commercial closing conditions. The purchase is expected to be completed by the
end of the current quarter and is expected to be accretive to unit holders in
its first full year of operation.

In addition to this transaction, this quarter Global expects to close its
pending acquisition of a 60% interest in Basin Transload, LLC for
approximately $80 million. To finance these transactions, Global has arranged
a $115 million increase in its bank credit facility and has secured a senior
unsecured five-year note of up to $70 million from funds managed by GSO
Capital Partners LP, the credit arm of The Blackstone Group.

About Global Partners LP

Global Partners LP, a publicly traded master limited partnership based in
Waltham, Massachusetts, owns, controls or has access to one of the largest
terminal networks of refined petroleum products and renewable fuels in the
Northeast. Global Partners is a leader in the logistics of transporting crude
and other products from the mid-continent region of the U.S. and Canada to the
East Coast. The Partnership is one of the largest wholesale distributors of
gasoline (including blendstocks such as ethanol and naphtha), distillates
(such as home heating oil, diesel and kerosene), residual oil and renewable
fuels to wholesalers, retailers and commercial customers in the New England
states and New York. In addition, the Partnership has a portfolio of
approximately 1,000 gas stations in nine Northeastern states. The Partnership
also is a distributor of natural gas. A FORTUNE 500® company, Global Partners
trades on the New York Stock Exchange under the ticker symbol "GLP." For
additional information, please visit

Forward-looking Statements

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, 2011 and
subsequent filings the Partnership makes with the Securities and Exchange

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
Edward J. Faneuil, 781-894-8800
Executive Vice President,
General Counsel and Secretary
Press spacebar to pause and continue. Press esc to stop.