| Joseph Byrne Wednesday, October 10, 2012 |
A major purchase in Long Island has been completed by a New York City billionaire. John Catsimatidis, the man behind the Gristedes grocery store chain, has announced on Tuesday that United Refining, another company in which he controls, has agreed to buy a petroleum terminal with 5 million barrels of storage capacity from Phillips 66.
Announcing the purchase, Catsimatidis told in a statement, "We are pleased to add the Riverhead Terminal to our operations. 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."
Located in Riverhead, the terminal itself has 280 acres of storage tanks and an offshore docking platform for the large ocean going tankers. The property itself is the only one of the east coast that has this type of capability. While this is a major purchase, and can be seen as a great asset, it is unclear how the new terminal is going to fit in with United Refining and its operations. The company already owns a 65,000 bbl per day refinery in Warren, Pennsylvania. This refinery makes the gasoline that it sells at nearly 400 filling stations in New York, Pennsylvania and Ohio.
As a way of temporarily answering the question of what United will do with the terminal, Catsimatidis said, “We’re not making public what we intend to do with the terminal."
joeb@longislandyellowpages.com Appears In: Business News
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