Irving acquires Maine petroleum assets
Irving Oil Terminals Inc., a subsidiary of New Brunswick-based Fort Reliance, has reached an agreement to acquire two Maine petroleum terminals and over 100 miles of pipeline.
The Portsmouth, N.H.-based subsidiary will buy terminals in South Portland and Bangor and the 124-mile pipeline that connects them from Texas-based ExxonMobil, according to a press release from Irving. Irving and ExxonMobil signed the agreement last week, and closing is anticipated to happen in mid-December, pending regulatory review. "This acquisition enhances our ability to remain a secure and reliable energy supplier in Maine and New England generally," Bob Blanchard, director of sales for Irving Oil Terminals, said in the release. Irving plans to continue full operation the terminals and pipelines.
Irving Oil Terminals markets and distributes petroleum products throughout New England, and is affiliated with Irving Oil Refining. Fort Reliance is the parent company for Irving Oil and its subsidiaries.
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