Coastal Corporation Purchase Of Texaco Terminal And Pipeline Interest Expands Market For Belcher Oil
The Coastal Corporation, Houston, Texas, recently completed the purchase of five Texaco marketing terminals and Texaco's interest in a refined products pipeline, significantly expanding the geographic coverage of its Belcher Oil marketing subsidiaries. Coastal's Belcher Oil subsidiaries are major distributors of petroleum products on the Eastern Seaboard and Gulf Coast. The Texaco terminals, which have total storage capacity of 3.8 million barrels of refined products, include a deepwater terminal in South Boston. Other terminals are located in Binghampton and Newburgh, N.Y.; Chelsea, Mass., and Jacksonville, Fla.
The refined products pipeline is used to move refined products from Coastal's Eagle Point, N.J., refinery to new Belcher markets in Pennsylvania. Coastal has purchased Texaco's 33.9 percent interest in the pipeline.
The purchase greatly improves Belcher's competitive position in serving new and existing customers in the Northeastern states and Florida. Last year, Belcher marketed over four billion gallons of products through 54 terminals on the East and Gulf Coasts.
Coastal said purchase of the Texaco assets was arranged in May 1985 and definitive agreements were executed in September. Transfer of the assets was finalized in mid-January. The purchase price was not disclosed. The Coastal Corporation, a diversified company headquartered in Houston, has assets of $7.5 billion and principal operations in natural gas pipelines, oil and gas exploration and production, refining and marketing, coal and trucking.