As part of a strategy to expand its oil storage operations, Maritrans Inc. of Philadelphia has bought a 530,000-barrel petroleum product terminal in South Baltimore from Mobil Oil Corp.
Terms of the sale were not disclosed.
The purchase of the terminal on Fairfield Road, which was completed Friday but announced yesterday, is part of the barge company's plan to provide additional oil storage services to its customers.
"One of our strategies is to offer our customers a bundling of services where we would transport the petroleum and store it for them," said Richard Carson, a Maritrans spokesman. "By doing this, we believe we can give them a better overall rate," he said.
The company is also negotiating to buy oil terminals in New Jersey, Norfolk, Va., and Tampa, Fla., Mr. Carson said.
Maritrans, one of the nation's largest petroleum carriers, has a fleet of 36 barges and 64 tugboats. In 1994 the publicly traded company had a net income of $6.5 million on sales of $124.8 million.
Maritrans already owns an oil terminal in Salisbury with a capacity of 170,000 barrels and a Philadelphia terminal that can store nearly 1 million barrels.
Mobil, the second largest U.S. oil company in terms of sales, decided to sell the terminal because it has more capacity than necessary to supply the company's needs in the Baltimore region, according to Mobil spokeswoman Jeanne Mitchell. The company, which has owned the facility since 1954, will instead by supplied by other area terminals, she said.
The oil company, which has 8,500 gas stations nationwide, has 125 in Maryland.
The 10-tank terminal, which is now supplied by the Colonial Pipeline, will eventually receive gasoline products from refineries in Philadelphia and the New York-New Jersey area, Mr. Carson said. But the terminal, which does not have piers of its own, will first have to be connected to a shoreside unloading operation, he said.