HFOTCO is the largest fuel oil facility in the US Gulf with 11 million barrels of storage capacity and another 2 million barrels currently under construction.
It stores and blends residual oil for bunker suppliers, refineries and oil traders.
ArcLight, an energy investment firm based in Boston, acquired its initial 50% interest in HFOTCO in October 2007.
It has bought the remaining membership interest from Motiva Enterprises.
“HFOTCO’s strong asset base, impressive management team and significant growth prospects make it an ideal investment for our Funds,” said Dan Revers, Managing Partner at ArcLight.
HFOTCO announced in June that it was to open a fourth ship dock at the terminal to relieve congestion. It said the new dock should be ready within 14 to 22 months.
Delays at the terminal are sometimes blamed for barge congestion in the Houston bunker market.
ArcLight Capital Partners LLC has acquired the remaining 50% membership interest in Houston Fuel Oil Terminal Company LLC (HFOTCO
10.21.2009 - NEWS
A statement from ArcLight said it was pleased to have expanded its “ownership position in one of the US Gulf Coast's most important and strategic terminal assets."
