Americas News
Colonial Group to Acquire Virginia-Based Fuel Provider Foster Fuels
Savannah-based Colonial Group has agreed to acquire Virginia-based Foster Fuels, expanding its presence across commercial, industrial, residential, agricultural and transportation energy markets.
Foster Fuels, founded in 1921, provides fuel, lubricants, propane and mission-critical energy services, including emergency fuel response for critical industries and natural disasters, it said in a press release on Friday.
Foster Fuels will retain its brand and leadership under Colonial ownership, with all employees expected to remain.
Financial terms were not disclosed.
The deal is expected to close on October 1, subject to regulatory approvals and customary closing conditions.
Marine fuel supplier Colonial Oil Industries, a subsidiary of Colonial Group, in May had acquired fuel and lubricants distributor Atkinson Oil Company.
Colonial Oil Industries supplies bunker fuels at ports in Florida, Georgia, North Carolina and South Carolina, according to the firm’s website.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 963.00 | 26.00 | 1351.50 | 10.50 |
| Rotterdam | 766.00 | 3.00 | 1446.00 | 11.50 |
| Houston | 817.00 | 11.50 | 1421.00 | 1.00 |
| Fujairah | 981.00 | 12.00 | 1768.50 | 17.50 |
| Americas Average | 962.50 | 8.50 | 1630.50 | 22.50 |
| Global 20 Ports Average | 929.50 | 10.50 | 1565.00 | 13.00 |
| Global 4 Ports Average | 882.00 | 13.50 | 1496.50 | 9.50 |
| Global Average Bunker Price | 978.50 | 20.00 | 1616.50 | 18.50 |
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