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GLOBAL PETROLEUM JOINS SCOTIA SYNFUELS LIMITED AND STATIA TERMINALS TO REACTIVATE POINT TUPPER, NOVA SCOTIA, BULK PETROLEUM STORAGE TERMINAL

GLOBAL PETROLEUM JOINS SCOTIA SYNFUELS LIMITED AND STATIA TERMINALS TO REACTIVATE POINT TUPPER, NOVA SCOTIA, BULK PETROLEUM STORAGE TERMINAL
 WALTHAM, Mass., Aug. 31 /PRNewswire/ -- Global Petroleum Corp. will be a participant in the new Point Tupper Terminals Company that will reactivate and operate the largest independent bulk petroleum storage terminal on the east coast at Point Tupper, Nova Scotia.
 The terminal will receive, store, blend and transship refined petroleum products and crude oil for the U.S. and Canadian Eastern markets.
 Point Tupper is the deepest ice-free harbor on the North American east coast and is ideally situated for receipt of product from international petroleum suppliers.
 Global joins two other organizations in upgrading the Point Tupper facilities. The lead company, Point Tupper Properties Ltd., is a wholly-owned subsidiary of Scotia Synfuels Limited which secured the encouragement and financial support of the provincial government and its business development agency to proceed with the project.
 The third participant, Statia Terminals, is an owner and operator of oil terminals in the Caribbean and Gulf of Mexico. It will assume the role of project manager and operator at Point Tupper. Statia Terminals is a wholly owned subsidiary of CBI Industries, Inc., Oak Brook, Ill., which is one of the world's largest oil storage tank construction firms operating via its subsidiary Chicago Bridge & Iron Company.
 The newly formed Point Tupper Terminals Company will invest an estimated $30 million to upgrade the terminal.
 Global Petroleum Corp., headquartered in Waltham, Mass., is the largest importer of refined petroleum products in the United States. Global is also a terminal owner/operator and is a major distributor of gasoline and diesel fuels, heating oil and residual fuels.
 -0- 8/31/92
 /CONTACT: Lee Yaffa of Greystone Services, Inc., 617-593-0177/ CO: Global Petroleum Corp.; Scotia Synfuels; Statia Terminals ST: Massachusetts IN: OIL SU:


TM -- NE012 -- 5094 08/31/92 16:15 EDT
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Publication:PR Newswire
Date:Aug 31, 1992
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