PBF Logistics acquires facility that contains propane storage

PBF Logistics LP acquired a Toledo, Ohio, storage facility from a subsidiary of PBF Energy for $150 million. The acquisition is expected to close this month, according to a press release.

The Toledo storage facility, called Tank Farm #2, is located at PBF Energy’s Toledo refinery. The facility consists of about 3.9 million barrels of feedstock and product storage capacity and related facilities, including a propane storage and loading facility.

The partnership plans to enter into a 10-year storage and terminaling services agreement with subsidiaries of PBF Energy. It includes storage fees and a minimum throughput volume commitment of 4,400 barrels per day at the propane storage and loading facility.