John Catsimatidis, the New York City billionaire behind the Gristedes grocery store chain, announced on Tuesday that United Refining, which he controls, had agreed to buy a petroleum terminal with 5 million barrels of storage capacity from Phillips 66 (NYSE:PSX).

FORBES: Billionaire Catsimatidis Buys Long Island Oil Terminal From Phillips 66

Many of the petroleum products refined at Mazeikiai are shipped out to Western Europe through the Klaipeda oil export terminal, a port sixty miles away.

CENTERFORSECURITYPOLICY: Center for Security Policy | Soviet Economic Leverage: Moscow??s Tool For Denying Baltic Independence Without Force