Americas News
Chemoil Completes Purchase of Colonial Oil's Bunker Business
SGX listed Chemoil Energy Limited (Chemoil) has completed the acquisition of Colonial Oil (Colonial)'s bunker business, sources familiar with the matter have told Ship & Bunker.
Reports last month revealed Chemoil and Savannah, Georgia based Colonial were close to agreement over the sale, and sources told Ship & Bunker that the deal was completed earlier this month.
The sources did not indicate the value or the terms of the deal.
Colonial's bunker supply operations focus on the ports of Savannah, Charleston, and Jacksonville, and following the sale Chemoil plans to continue branding the operation as Colonial Oil Marine Fuels, one of the sources said.
Ship & Bunker understands that neither company intends to make an official comment on the matter.
Chemoil already has U.S. bunker supply operations in New York, Philadelphia, New Orleans, Houston, Los Angeles, and San Francisco.
The supplier said last year it believed structural changes have occurred in the marine fuels market, and it was switching to an "asset-light" business model.
