U.S. Oil, the petroleum and renewable energy distribution division of U.S. Venture, Inc. has acquired six terminals from Houston-based Noble Petro Inc.
The new terminals add 1.75 million barrels of additional capacity and expand U.S. Oil’s existing distribution network from 13 to 19 terminals in North America.
The acquisition includes three terminals located in high growth and demand areas of Texas, in the cities of Houston, Fort Worth and Bryan. Additional sites include Green Bay, Wis.; Bettendorf, Iowa; and Rogers City, Mich. The strategic locations provide access to the Magellan, Explorer and Chicago area pipelines and offer marine access to the Great Lakes and Mississippi River.
“With this acquisition we will work with customers from the Gulf Coast to the Midwest, servicing them through distribution, wholesale, branded and logistics businesses,” said Mike Koel, vice president of business development. “We look forward to continuing the relationships in place today, while growing our customer base.”
“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,” said John Schmidt, CEO of U.S. Venture. “This is U.S. Oil’s fifth acquisition in three years and we anticipate more growth in the years to come.”
Noble Petro, a subsidiary of Singapore listed Noble Group, is a commercial supplier and wholesale distributor of refined petroleum products predominately serving the Midwest, Texas and Southeast regions in the United States.