MANATEE--Private terminal company Vecenergy will buy two Chevron products' terminals in early 2011. The West Palm Beach company, which is a subsidiary of the Vecellio Group with holdings in construction and contracting enterprises, will buy Chevron's Macon, Georgia and Montgomery, Alabama terminals. A closing on the properties is expected in the first quarter of next year.
Vecenergy burst upon the scene in a big way in 2009 when it opened a new 1.35-million bbl products' terminal in Ft. Lauderdale, Florida. The company also operates an asphalt and diesel terminal in Palm Beach. This latest deal will push the company's U.S. terminal holdings to more than 2-million bbl.
The Macon terminal is supplied via the Plantation Pipeline and boasts about 41,000 bbl of diesel storage and 120,000 bbl of gasoline tankage. The Montgomery property is also served by the Plantation Pipeline, and has just
over 150,000 bbl of combined clean products' tankage. Chevron put thirteen of its products terminals up for sale earlier this year.
Vecenergy is looking at further expansion. The company has secured land on the southern side of Tampa Bay with plans to build a products' terminal that will accept product via tanker, rail, and barge with a truck rack to serve southwestern Florida.
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