By Ephraim Seow
Posted: 17 May 2010 1621 hrs
SINGAPORE : Mainboard-listed commodities trader Noble group said its wholly-owned subsidiary, Noble Petro, has entered into an agreement to acquire certain assets of Northville Product Services (NPS).
NPS is a wholly-owned division of NIC Holding, a Long Island-based international petroleum and renewable fuels company.
The assets acquired focus on the refined products blending, trading, distribution and marketing business based in Houston, Texas and Denver, Colorado.
The acquisition is expected to complete in June and includes the employment of the key management personnel as well as other employees.
This acquisition will give Noble access to an additional 3.7 mm barrels of storage in Pasadena, Texas and the mid continent, as well as supply contracts with key US Gulf coast refiners and a wholesale marketing system in the Magellan, Plantation and Teppco pipeline systems.
Noble said the combination of Noble Petro and the NPS assets will give it access to over 6 million barrels of storage capacity.
It will also broaden its refined product distribution, trading and marketing network in the US.
The group said the acquisition also supports its global clean fuels platform as the US is a major importer of gasoline, as well as being a major exporter of distillates. - CNA /ls
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