July 9, 2012 [OPIS] - Vitol Inc., the U.S. subsidiary of the global Vitol Group, said on Thursday it had formed a partnership with Midland-based LPC Crude Oil Inc., and had acquired 50% of the company.
Both companies did not reveal financial details of the deal.The company will conduct operations as LPC Crude Oil Marketing LLC. LPC Crude Oil is involved in the gathering, marketing, and transporting of oil and condensate in the Permian Basin.
LPC Crude will continue to operate as a separate entity focusing on its core customer base.
The entire management team will remain in place.”Vitol brings both the financial heft and expanding terminalling and logistics presence in the Permian to help us grow rapidly while still maintaining the small-company atmosphere that allows us to serve our customers so well,” said Steve Mills, LPC’s president.
