December 8, 2014 [OPIS] - U.S. Oil announced on Friday, the 5th of December 2014, it has acquired six terminals from Noble Petro Inc.
Through the acquisition, U.S. Oil, the petroleum and renewable energy distribution division of U.S. Venture Inc., will add 1.75 million bbl of additional capacity and take U.S. Oil’s distribution network to 19 terminals in North America.
Three of the terminals being acquired are in Texas — in Houston, Fort Worth and Bryan. The other three terminals that U.S. Oil is acquiring are in Green Bay, Wis.; Bettendorf, Iowa; and Rogers City, Mich. The strategic locations of the terminals gives access to the Magellan, Explorer and Chicago-area pipelines as well as marine access to both the Great Lakes and the Mississippi River, according to a press release.
The most recent acquisition by U.S. Oil is its fifth in the last three years, U.S. Venture CEO John Schmidt pointed out in the release.
“This is a great growth opportunity for U.S. Oil. We are building out our terminal network supply system and connectivity to reach new markets,” Schmidt said in the statement.
Noble Petro is a subsidiary of Noble Group and is a commercial supplier and wholesale distributor operating mostly in the Midwest, the Southeast and Texas.
Terms of the deal were not disclosed.