Global Partners Forms Alliance with OsComp Systems to Supply Compressed Natural Gas to New England Businesses
Global Partners LP (NYSE: GLP), a FORTUNE 500® midstream logistics and
marketing company, has entered into an agreement with OsComp Systems,
Inc. to provide compressed natural gas (CNG) via truck to commercial,
industrial and municipal customers in New England.
The agreement combines Global’s unique capabilities as a leader in the
supply, marketing and distribution of energy products with the
technology expertise of OsComp, a privately held company based in
Houston, Texas. OsComp’s proprietary compression technology is designed
to dramatically reduce the energy required to compress and transport
natural gas, enabling the efficient, cost-effective delivery of the
product to power plants, hospitals, businesses and other large energy
users that are not directly connected to the natural gas transmission
and distribution grid.
“Our strategic alliance with OsComp provides us with new and innovative
technologies that we believe will directly benefit our customers through
reduced capital expenses, lower maintenance costs and higher efficiency,
resulting in lower overall costs,” said Eric Slifka, the Partnership’s
President and Chief Executive Officer. “OsComp’s technology is
installed, operating and proven. Through its turnkey CNG system, OsComp
is successfully delivering gas to customers in the oilfield though a
natural gas virtual pipeline that includes trailers and unloaders.
Utilizing OsComp’s superior technology and engineering expertise, Global
and OsComp together will deliver a highly customized solution that
provides safe, convenient and cost-effective access to natural gas for
business customers that are not near a pipeline.”
“This relationship leverages Global’s leadership in gathering, storage,
transportation and strong marketing relationships throughout the New
England market to make our turnkey CNG solution commercially available
to New England businesses,” said OsComp Founder and Chief Executive
Officer Pedro Santos. “For large users, we believe that our CNG
solutions have the potential to create an immediate energy savings of up
to 30 to 40 percent. Our technology is a ‘virtual’ natural gas pipeline
that benefits customers in two distinct ways. First, our system delivers
better economics through decreased capital investment, lower delivered
costs and fast, easy and cost efficient infrastructure development.
Second, our system offers greater flexibility, allowing a customer to
adjust capacity as needed. Natural gas is a clean and versatile energy
source that can help make businesses more competitive.”
OsComp’s CNG virtual pipeline model incorporates its “Rapid Fill”™
compression technology. Rapid Fill enables CNG trailers to be filled in
excess of four times faster than conventional filling systems. Faster
turn-around time results in lower costs and thus lower energy prices for
the end customer. OsComp has a broad portfolio of patented and
patent-pending innovations that will reduce cost and increase efficiency
of the trucked CNG system. Pending regulatory approval, the first
compressor stations are planned for the summer of 2013.
About Global Partners LP
A publicly traded master limited partnership, Global Partners LP is a
midstream logistics and marketing company. Global is a leader in the
logistics of transporting Bakken and Canadian crude oil and other energy
products via rail, establishing a ‘virtual pipeline’ from the
mid-continent region of the U.S. and Canada to refiners and other
customers on the East and West coasts. Global owns, controls or has
access to one of the largest terminal networks of petroleum products and
renewable fuels in the Northeast, and is one of the largest wholesale
distributors of gasoline, distillates, residual oil and renewable fuels
to wholesalers, retailers and commercial customers in New England and
New York. With a portfolio of approximately 1,000 locations in nine
states, the Partnership is also one of the largest independent owners,
suppliers and operators of gasoline stations and convenience stores in
the Northeast. In addition, the Partnership is a distributor of natural
gas. Global is No. 182 in the Fortune 500 list of America’s largest
corporations.
Forward-looking Statements
Some of the information contained in this news release may contain
forward-looking statements. Forward-looking statements include, without
limitation, any statement that may project, indicate or imply future
results, events, performance or achievements, and may contain the words
“may,” “believe,” “should,” “could,” “expect,” “anticipate,” “plan,”
“intend,” “estimate,” “continue,” “will likely result,” or other similar
expressions. In addition, any statement made by Global Partners LP’s
management concerning future financial performance (including future
revenues, earnings or growth rates), ongoing business strategies or
prospects and possible actions by Global Partners LP or its subsidiaries
are also forward-looking statements.
Although Global Partners LP believes these forward-looking statements
are reasonable as and when made, there may be events in the future that
Global Partners LP is not able to predict accurately or control, and
there can be no assurance that future developments affecting Global
Partners LP’s business will be those that it anticipates.
For additional information about risks and uncertainties that could
cause actual results to differ materially from the expectations Global
Partners LP describes in its forward-looking statements, please refer to
Global Partners LP’s Annual Report on Form 10-K for the year ended
December 31, 2011 and subsequent filings the Partnership makes with the
Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on the forward-looking
statements, which speak only as of the date on which they are made.
Global Partners LP expressly disclaims any obligation or undertaking to
update forward-looking statements to reflect any change in its
expectations or beliefs or any change in events, conditions or
circumstances on which any forward-looking statement is based.
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