Marathon Petroleum announced that its wholly owned subsidiaries, including Speedway have entered into a definitive purchase agreement to acquire a 900,000-barrel capacity light product and asphalt terminal and 33 NOCO Express retail stores in Buffalo, New York, from NOCO Incorporated.
Image: Marathon Petroleum will acquire a terminal and retail locations in New York. Photo: Image by rawpixel from Pixabay.
“This acquisition supports MPC’s Midwest product placement strategy and builds upon prior investments, including Speedway’s acquisition of 78 Express Mart locations in western New York, to maximize our refinery utilization,” said MPC Chairman and Chief Executive Officer Gary R. Heminger. “The terminal is well positioned to receive supply from the Midwest, Canada or the New York Harbor via multiple supply routes, including pipeline, truck, rail or waterborne vessels and deliver our products in this attractive new market.”
“We are excited to continue our growth into western New York,” said Speedway President Tony Kenney. “The NOCO Express stores have been very well managed and maintained, and will complement our expanding presence in this region. We look forward to further bringing the Speedway brand to even more consumers in the Buffalo region.”
The transaction is subject to standard regulatory approvals, customary due diligence, and other closing conditions.
Source: Company Press Release