The terms of the transaction are not disclosed, however it is expected to close at the end of October, the company said.

The Riverhead terminal, located on the North Shore of Long Island, New York, is about 80 miles east of New York Harbor.

The 280 acres facility, with a 5 million barrels of petroleum storage capability, is utilized as storage and transshipment hub for crude, heavy fuels, diesel and gasoline, and the offshore marine platform and it is the only deepwater loading/unloading platform on the US East Coast.

With an operating draft of 64ft, the terminal’s offshore platform routinely receives Suezmax vessels and is capable of handling VLCC tankers.

United Refining Company chairman and CEO John A. Catsimatidis said that the company 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," he added.

Phillips 66 Commercial, Marketing, Transportation and Business Development executive vice president Tim Taylor said, "The sale of the Riverhead Terminal is part of Phillips 66’s ongoing strategy to divest assets that do not fit with our long-term business objectives,"

Moelis & Company served as advisor to United and Bank of America Merrill Lynch served as advisor to Phillips 66.