Americas News
Terminal Operator Expanding in Florida
A subsidiary of U.S.-based Apex Oil Company Inc. is expanding its operations in Jacksonville, Florida after acquiring a 26-acre riverfront parcel for $20.8 million from Chevron USA Inc. [NYSE:CVX], the Jacksonville Business Journal reports.
The subsidiary, Center Point Terminal Co., already owns and operates a terminal, tanks, and dock on an adjacent property, and CFO Steve Twele said the newly purchased parcel will become part of the same terminal.
"We share the property line and a dock," said Steve Twele, the company's chief financial officer.
"When Chevron offered the property for sale, it was a natural for us to purchase it."
Twele told local paper the Daily Record that the existing terminal, which was completed in 2011, has a little more than 12 million barrels of storage capacity.
He said the company operates as an independent terminal operator and declined to name customers that use the storage facility.
"Our employees bring the product in," he said.
"If it needs blending, mixing or additives, we do that."
"We have custody of the product and most of it leaves the terminal by truck, so local trucks come in and transport it to local retail outlets."
