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."
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