Sign up
Log in Sign up
Mon 19 Oct 2009, 07:22 GMT

Houston fuel oil terminal acquisition is completed


Energy investment firm completes acquisition of remaining 50% membership interest in Houston terminal.

ArcLight Capital Partners, LLC has closed on the acquisition of the remaining 50% membership interest in Houston Fuel Oil Terminal Company, LLC (HFOTCO) from Motiva Enterprises, LLC. ArcLight acquired its initial 50% interest in HFOTCO in October 2007 from Chartco, LLC.

HFOTCO is the U.S. Gulf Coast’s largest black oil facility with 11 million barrels of tankage in operation and another 2 million barrels currently under construction.

Since 1979 HFOTCO has been storing, blending and moving residual oil for bunker suppliers, oil traders, carbon black manufacturers and refineries. Starting in 1992 HFOTCO began storing and delivering crude oil and feedstock to area refineries.

“We are pleased to expand our ownership position in one of the U.S. Gulf Coast’s most important and strategic terminal assets”, said Dan Revers, Managing Partner at ArcLight.

“HFOTCO’s strong asset base, impressive management team and significant growth prospects make it an ideal investment for our Funds,” added Mr. Revers.

ArcLight is one of the world’s leading energy investment firms with more than $6.8 billion under management. The company is headquartered in Boston, Massachusetts with offices in New York City, London and Luxembourg.

Hapag-Lloyd and DSV logo side by side. Hapag-Lloyd and DSV sign 18,000-tonne CO2e reduction agreement for sustainable marine fuels  

Two-year framework allows inclusion of alternative fuels beyond biofuels in shipping decarbonisation partnership.
Bangkok city skyline. Uni-Fuels opens Thailand office as part of Southeast Asia expansion  

Marine fuel supplier establishes Bangkok entity, appoints managing director with 15 years’ industry experience.
Washington State Hybrid-Electric 160-Auto Ferry vessel render. Corvus Energy to supply battery systems for Washington State Ferries hybrid vessels  

ABB selects Corvus for two new 160-vehicle ferries as part of $3.98bn electrification plan.
Vinssen and Mana Engineering sign MoU. Vinssen, Mana Engineering partner on hydrogen fuel cell retrofit for 800-teu feeder vessel  

South Korean and Dutch firms to pursue Lloyd’s Register approval for hybrid retrofit concept.
Hercules Elisabeth vessel. Hercules Tanker Management takes delivery of second Ultra-Spec vessel in China  

Hercules Elisabeth is the second of 10 hybrid-ready tankers designed for alternative fuels.
Wolf 1 vessel. Petrol Ofisi launches fuel supply tanker Wolf 1  

Turkish bunker supplier adds 1,750-dwt vessel with alternative fuel infrastructure to fleet.
BIMCO meeting. BIMCO to convene for adoption of biofuel clause and ETS provisions at February meeting  

Documentary Committee to consider new contractual frameworks for alternative fuels and emission trading scheme compliance.
Sea Change II vessel render. Incat Crowther and Switch Maritime develop 150-passenger hydrogen ferry for New York  

Design work begins on 28-metre vessel with 720 kg hydrogen capacity and 25-knot speed.
Aerial view of a container vessel. HIF Global signs heads of agreement with German eFuel One for 100,000 tonnes of e-methanol annually  

Deal covers supply from HIF’s Uruguay project, with e-methanol meeting EU RED III standards.
Welcoming of Kota Odyssey at Jordan’s Aqaba Container Terminal. PIL’s LNG-powered vessel makes maiden call at Jordan’s Aqaba port  

Kota Odyssey is Pacific International Lines’ first LNG-fuelled ship to call at the Red Sea port.




 Recommended