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Sunoco LP ‘strategically growing its asset base’ with nine terminal agreements

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Sunoco LP (SUN) is strategically growing its asset base with definitive agreements to acquire nine NuStar Energy refined product terminals located on the East Coast and in the Midwest.

This expands its fuel distribution footprint by approximately 14.8 million barrels and gives it the opportunity to provide even greater service support to its customers, it said.

These acquisitions will result in a significant expansion of SUN’s midstream business, enhance its platform for fuel distribution expansion and allow SUN to remain within its long-term leverage and coverage target levels.  SUN will continue to employ a disciplined approach toward future acquisitions.

The NuStar acquisition includes seven refined product terminals on the East Coast and one in the Midwest in the following locations: Andrews Air Force Base, MD; Baltimore, MD; Blue Island, IL; Jacksonville, FL; Linden, NJ; Paulsboro, NJ; Piney Point, MD; and Virginia Beach, VA.

The terminals have an aggregate storage capacity of approximately 14.8 million barrels, handle primarily refined products and are accessed via pipeline, truck, rail, and marine vessels.

The Cato terminal is a gasoline and distillate terminal located in Salisbury, MD with approximately 140 thousand barrels of storage and is accessed via truck and marine vessels. As part of the transaction, Cato has agreed to a five-year extension of its existing SUN fuel distribution contract.

Both acquisitions are expected to close in the fourth quarter of 2021, subject to the satisfaction of customary closing conditions.

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