09-06-2014
TrailStone acquires U.S. Oil and Refining Company
TrailStone, a global commodities logistics and trading company backed by Riverstone Holdings LLC, today announced that it has acquired U.S. Oil and Refining Co. The acquisition marks TrailStone's entry into physical crude oil and refined products markets in North America, and will serve as the cornerstone of the Company's growth strategy in liquids trading. The terms of the transaction were not disclosed.
USOR is comprised of a 42,000 barrel/day refinery located in Tacoma, Washington, and best-in-class rail, pipe, marine and truck logistics in the Pacific Northwest. It controls:
* 2.7 million barrels of storage capacity
* A fleet of 630 rail cars
* Multi-year storage and 30,000 b/d throughput agreement at a rail terminal in the Bakken
* Deepwater terminal with two docks, capable of handling everything from barges up to 125,000 DWT vessels
* 3 double-hulled barges on long-term charter
* Dedicated proprietary jet fuel pipeline to Joint Base Lewis-McChord
* State of the art truck loading racks for wholesale clean product and asphalt sales
In connection with the acquisition, the USOR executive team, including CEO Robert B. Redd, have joined TrailStone to help execute the business plan for growth and profitability in the coming years.
John Redpath, Head of Oil and Agriculture at TrailStone, said, "We are very excited about the acquisition of these assets. USOR is extremely well-positioned to capitalize on the rapidly changing dynamics of the North American oil market, and we look forward to working with Bob Redd and his team to build a leading liquids supply and trading franchise at TrailStone."
David Silbert, Chief Executive Officer and Managing Partner said, "TrailStone endeavors to be a leading global asset-backed, logistics and trading company. This transaction represents a significant advancement to that end."
News Category:
-
Beyond processbook & PI vision: Exploring today’s industrial analytics tools
(Webinar) - In the Manufacturing 4.0 era, industrial organizations have more data at their fingertips than ever, offering the promise of higher production rates, more ...
04-06-2024
-
Sasol provides state of the art catalysts to INERATEC for the production of sustainable e-fuels
The catalysts will be used, among others, in the first large-scale industrial Power-to-Liquid (PtL) plant that INERATEC is currently building in Frankfurt, Germany, which ...
24-04-2024
-
Baker Hughes to supply 17 centrifugal compressors to Saudi Master Gas System project
Baker Hughes, an energy technology company, announced Tuesday that it has received an order by Worley, for and on behalf of Aramco, to supply gas technology equipment ...
23-04-2024
-
SABIC Fujian Petrochemicals select Phenol yechnology from KBR
KBR announced today it has been awarded a contract by SABIC Fujian Petrochemicals to license KBR's market-leading phenol technology in China. Under the terms of the ...
22-04-2024
-
Lummus Expands R&D capabilities to enhance innovation and water and wastewater technologies
Lummus Technology, a global provider of process technologies and value-driven energy solutions, announced the opening of its cutting-edge research and development (R&D) ...
17-04-2024
-
Clariant launches new CATOFIN® 312 propane dehydrogenation catalyst
Clariant, a sustainability-focused specialty chemical company, today announced the launch of CATOFIN 312, its latest propane dehydrogenation catalyst. The new catalyst ...
16-04-2024
-
Yokogawa and GridBeyond conclude investment and strategic partnership agreements
Yokogawa Electric Corporation and energy IT solutions provider GridBeyond of Ireland announce that they have concluded a strategic partnership agreement. Furthermore, ...
16-04-2024
-
Heraeus Precious Metals launches Circlear
Heraeus Precious Metals, a globally leading company in the precious metals industry and one of the largest recyclers of precious metals, has introduced its new offering ...
16-04-2024
-
EMA and JERA to cooperate on LNG procurement and supply chains
The Energy Market Authority and JERA Co Inc, have signed a Memorandum of Understanding to cooperate on mutually beneficial areas in liquefied natural gas procurement ...
16-04-2024
-
Hexagon and Dragos unveil technical partnership to strengthen industrial cybersecurity
Hexagon’s Asset Lifecycle Intelligence division today announced a strategic partnership with Dragos, a global leader in cybersecurity for operational technology (OT). ...
16-04-2024