Sprague Resources completes purchase of New York’s largest biodiesel port

In New Hampshire, Sprague Resources announced its subsidiary has completed the asset purchase of Castle Oil Corporation and certain of its affiliates including Castle’s Port Morris terminal and its associated wholesale, commercial, and retail fuel distribution business for a combined $56 million in cash and SRLP units, plus payments for Castle’s inventory as of closing.

Castle’s Port Morris terminal is the largest deepwater petroleum products terminal in New York City, with a total storage capacity of 907,000 barrels, handling distillates, residual fuel, asphalt and biodiesel. The acquisition increases Sprague’s number of owned and/or controlled petroleum terminals to eighteen and its total in-service liquid petroleum product storage capacity to 10.9 million barrels.