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Mon 19 Oct 2009, 07:22 GMT

Houston fuel oil terminal acquisition is completed


Energy investment firm completes acquisition of remaining 50% membership interest in Houston terminal.

ArcLight Capital Partners, LLC has closed on the acquisition of the remaining 50% membership interest in Houston Fuel Oil Terminal Company, LLC (HFOTCO) from Motiva Enterprises, LLC. ArcLight acquired its initial 50% interest in HFOTCO in October 2007 from Chartco, LLC.

HFOTCO is the U.S. Gulf Coast’s largest black oil facility with 11 million barrels of tankage in operation and another 2 million barrels currently under construction.

Since 1979 HFOTCO has been storing, blending and moving residual oil for bunker suppliers, oil traders, carbon black manufacturers and refineries. Starting in 1992 HFOTCO began storing and delivering crude oil and feedstock to area refineries.

“We are pleased to expand our ownership position in one of the U.S. Gulf Coast’s most important and strategic terminal assets”, said Dan Revers, Managing Partner at ArcLight.

“HFOTCO’s strong asset base, impressive management team and significant growth prospects make it an ideal investment for our Funds,” added Mr. Revers.

ArcLight is one of the world’s leading energy investment firms with more than $6.8 billion under management. The company is headquartered in Boston, Massachusetts with offices in New York City, London and Luxembourg.

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