JOC Staff | Jan 08, 2013 5:07PM EST
Global Partners, a Waltham petroleum products company, has signed a five-year contract with Phillips 66, a Houston-based energy company, whereby Global will use its rail network’s loading facilities and offloading terminals to deliver crude oil from the Bakken region in North Dakota to the Phillips 66 Bayway refinery in New Jersey.
The terms of the contract include a take-or-pay commitment from Phillips 66 to receive about 91 million barrels of crude oil over the contract term, or about 50,000 barrels per day.
“Global has established a ‘virtual pipeline’ for the reliable transportation of Bakken crude,” said Tim Taylor, executive vice president of commercial, marketing, transportation and business development of Phillips 66.
The crude oil will be transported on Canadian Pacific Railway’s network from the Bakken directly to Global’s terminal in Albany, N.Y.
