December 9, 2010 [Business Wire] - Vertex Energy Inc., a leader in the aggregation, recycling and processing of distressed hydrocarbon streams, has signed a one year tank lease for additional storage at a terminal location in Seabrook, Texas, which will be used as a rail logistical hub for the Company’s Black Oil Division.
The lease term begins on January 1, 2011 and has provisions for renewals following the initial term.
Benjamin P. Cowart, CEO of Vertex, stated, “This new terminal location, near Galveston Bay, will allow us to further expand the capacity and reach of our Black Oil Division. By adding this hub to our existing operations in Baytown, Texas, we are well positioned to source increasing amounts of used oil. This expansion also reflects our commitment to continue to provide our customers with quality feedstock that will help keep their operations running smoothly. Additionally, the increased capacity from our new terminal will assist us in handling our growing internal feedstock needs that have resulted from our recent increases in production at our Thermal-Chemical Extraction Process facility.”
Vertex Energy’s Black Oil Division operates as an outsourced feedstock manager for large consumers of used motor oil (or “black oil”) by finding the appropriate quantities of black oil at the best prices on a reliable basis and managing the logistics of having the necessary quality and quantity of black oil delivered to the customers’ facilities in a timely manner.
