Americas News
Source: Chemoil in Talks to Buy Colonial Oil's Bunker Business
SGX listed Chemoil Energy Limited (Chemoil) is in talks with privately owned Colonial Oil (Colonial) over a possible buy out of the Savannah, Georgia based business' marine fuel operations, according to a report by Tank Terminals.
Sources were said to have told the Oil Price Information Service (OPIS) that "the deal is expected to be completed very soon."
Both firms have so far declined to comment on the report.
Colonial's bunker supply operations focus on the ports of Savannah, Charleston, and Jacksonville, but the larger part of its business is said to be in gasoline and diesel.
Chemoil, who already have U.S. bunker supply operations in New York, Philadelphia, New Orleans, Houston, Los Angeles, and San Francisco, earlier this year completed the $285 million sale of its storage facility on Jurong Island, Singapore, saying it wanted to adopt an "asset-light" bunkering business model.
This year the Chemoil also added to its physical bunkering operations in Asia by starting supply in Port Klang, Malaysia.
