The company has signed a purchase and sale agreement for 65 acres of land at the Port of Tampa.
US-based CyberFuels plans to build a 580,000 bl fuel blending facility at Tampa, including capacity dedicated to bunkers.
The company has signed a purchase and sale agreement for 65 acres of land at the Port of Tampa, and plans to build a fuel blending and distribution terminal, it said in an exchange filing earlier this month.
The facility will aim to have 580,000 bl of capacity in its first phase and then grow to about 1.5 million bl. Products stored at the facility will include bunker fuel, jet, diesel, gasoline and biofuels.
The company expects to complete the transaction by about August 3.
"We are very excited about achieving this Definitive Agreement to acquire these properties and the businesses necessary to develop our state-of-the-art terminal which will greatly expand the opportunities for CyberFuels throughout Florida, the US and abroad," John Lawrence, president of CyberFuels, said in the statement.