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Henty Oil Group has been granted between GBP30 million ($45 million) and GBP 40 million ($60 million) by its new owners in order to develop the business further, the Liverpool Daily Post reports.

The Liverpool-based company, which was fully acquired last month by leading fuels specialist World Fuel Services Corporation, will reportedly be using the new capital to build new facilities in the UK market.

Company President Paul Henty said "It’s great news as we will now have the resources to really grow the business."

"We will be looking to create small oil terminals around the UK, especially in Scotland and Ireland,” he added.

Henty Oil is a leading independent provider of marine and land based fuels in the United Kingdom. With 2008 marine volume of over 250,000 metric tons, the company services the Irish Sea ports of Liverpool, Holyhead and Heysham.

Henty's land segment, with 2008 volume of approximately 10 million gallons, provides fuel and gas oil to a broad range of customers throughout the United Kingdom.

Commenting on the company's recent aquisition by World Fuel Services, Paul Henty said "We are very pleased to become part of a company with the global strength and expertise of World Fuel. This transaction further enhances our growth opportunities in the Northern European marketplace."

"This acquisition further enhances our strong global position in the marine fuel business and also expands our presence in the UK land fuel distribution market," said Michael J. Kasbar, president and chief operating officer of World Fuel Services Corporation.