MARITRANS ANNOUNCES ACQUISITION OF PETROLEUM TERMINALS BASED IN SALISBURY, MD.
PHILADELPHIA, Feb. 17 /PRNewswire/ -- Stephen Van Dyck, chairman and chief executive officer of Maritrans GP Inc., announced today the acquisition of two petroleum terminals based in Salisbury, Md. The adjacent terminals, acquired from Exxon and Chevron, will be consolidated and be known as Maritank Maryland Inc. The facility is a full-service petroleum product terminal designed to receive product by barge, then store and redistribute that product by truck to retail and wholesale outlets. Maritank Maryland Inc., occupying a total of 25 acres, will provide its customers, including Exxon and Chevron, with the ability to continue to supply gasoline, diesel and heating fuel to the entire Eastern shore. "We are very excited about moving closer to our ultimate goal of building a comprehensive distribution system that will maximize efficiency for our customers," Van Dyck said. "We are also happy to be continuing our relationship with Exxon and Chevron, a relationship that spans many years." The addition of these oil storage terminals is part of an effort to utilize Maritrans' barging and terminalling assets to help customers streamline their distribution processes. Maritrans has been expanding its basic barge business to include all the components of transporting customers' products from the production point to the ultimate delivery to their trucks where that is a better option for distribution for them. Maritank Maryland Inc. joins Maritank Philadelphia Inc. (formerly known as TCI, a terminal facility on the Schuylkill River operated since 1991) as owners and operators of bulk petroleum storage terminals. Both are affiliates of Maritrans Holdings Inc. In addition, Maritrans owns and operates a fleet of tugboats and oceangoing tank barges along the Gulf and Atlantic coasts and is the largest independent U.S. flag marine transporter of petroleum products in the coastal trade. Maritrans has also recently formed a company called Marispond Inc. to provide oil spill contingency planning and clean-up services to other shipping companies. The Maritrans Partners L.P. (NYSE: TUG) limited partnership units are listed on the New York Stock Exchange under the symbol "TUG." /delval/ -0- 2/17/93 /CONTACT: Janice Smallacombe of Maritrans, 215-864-1253/ (TUG)
CO: Maritrans Partners L.P.; Maritank Maryland Inc. ST: Pennsylvania, Maryland IN: MAR SU:
MJ-CC -- PH041 -- 7538 02/17/93 16:58 EST
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|Date:||Feb 17, 1993|
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