Maersk and PBF Logistics LP announce agreement for production and storage of 0.5% sulphur fuel on the U.S. East Coast
A.P. Moller - Maersk and PBF Logistics LP (PBFX) today announced an agreement for Maersk to source and PBFX to process crude oil at CPI Operations LLC, a PBF Logistics LP terminal facility in New Jersey, United States, Maersk said in its release.
The agreement enables Maersk Oil Trading to supply IMO 2020-compliant 0.5% marine fuel to its customers on the US East Coast. Annual production will be around 1.25 million metric tonnes (mt), the equivalent of approx. 10% of A.P. Moller - Maersk’s annual fuel demand.
PBF Logistics acquired CPI Operations LLC from Crown Point International on October 1st, 2018. Assets include crude processing and storage located on the Delaware River south of Philadelphia, Pennsylvania.
Additionally, in August 2018, Maersk and Vopak announced a leasing agreement for storage of 2.3 million mt 0.5% compliant fuel, equivalent of approx. 20% of Maersk’s annual fuel demand, at the Vopak Europoort Terminal in Rotterdam.
ABOUT PBF LOGISTICS LP
PBF Logistics LP, headquartered in Parsippany, New Jersey, is a fee-based, growth-oriented master limited partnership formed by PBF Energy Inc. to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets.