July 7, 2011 [OPIS] - Florida based Vecenergy continues to expand. It has just cut its third deal to buy a Chevron products terminal, but this deal will give it a property in the southwestern portion of the U.S. Previous acquisitions saw Vecenergy increase its footprint in the Southeast.
Vecenergy execs said today that the company has signed a definitive purchase and sale agreement for the acquisition of Chevron’s bulk petroleum storage and distribution terminal in Albuquerque, N.M. The transaction is expected to close in the third quarter. OPIS estimates that the facility has a maximum capacity of about 150,000 bbl of light products.
“We are very excited to be further expanding into adjacent markets. This is the third terminal we will be purchasing from Chevron this year,” said Todd Cannon, vice president of Vecenergy.
“We are very optimistic about the potential this terminal offers and look forward to providing the same exceptional service to our new customers that we currently provide to customers at our other terminal locations.”
The Florida company bought two Chevron terminals earlier this year, purchasing a Macon, Ga., facility as well as Chevron’s Montgomery, Ala., plant. In both cases, the company negotiated long-term throughput agreements with Chevron, since the major will retail branded sales in the areas.
Vecenergy is the energy division of Vecellio Group, a privately held company headquartered in West Palm Beach, Fla. The company has bulk petroleum storage and distribution terminals located in Florida, Alabama and Georgia with capacity of over 2 million bbl.
