Refining Community Logo

Sale Integrated Refinery Stations continue – MAP & COP

Home Forums Refining Community Refinery News Sale Integrated Refinery Stations continue – MAP & COP

This topic contains 0 replies, has 1 voice, and was last updated by  Charles Randall 12 years, 8 months ago.

  • Author
    Posts
  • #3403

    Charles Randall
    Participant

    The exodus of Integrated Refinery from Retail Gas stations continue as MAP sells PTC and COP sells 92 stations K&G – the news articles are below:
     
    MAP = October 1, 2008   CSP Daily News FLASH
    —————————————————————–
    PILOT, PRIVATE EQUITY FIRM BUY OUT MARATHON’S TRAVEL CENTER STAKE
    —————————————————————–
    KNOXVILLE, Tenn. — Pilot Corp., a parent company of Pilot
    Travel Centers, announced today that CVC Capital Partners will
    be acquiring a 47.5% interest in Pilot Travel Centers forming an
    equal governance partnership with Pilot Corp., wholly owned by
    the Haslam family.

    The $700 million transaction is expected to close in October
    2008.

    CVC’s investment, and the new ownership structure whereby Pilot
    Corp. will own 52.5% of PTC, facilitates the sale by Marathon
    Oil Corp. of its interest in PTC, which it has held since PTC
    was formed in 2001.
    The current management, led by CEO James A.
    Haslam III, will continue to manage the business on a day-to-day
    basis.
    Knoxville, Tenn.-based PTC operates the largest travel center
    network in the United States with 305 locations in 40 states and
    one in Ontario, Canada. The company also licenses 18 locations
    in four states.

     COP = October 1, 2008 CSP Daily News FLASH
    —————————————————————–
    K&G PETROLEUM TO ACQUIRE 92 CONOCOPHILLIPS RETAIL SITES FROM
    PACIFIC CONVENIENCE & FUELS
    —————————————————————–
    DENVER — K&G Petroleum LLC, a ConocoPhillips marketer in
    Denver, announced today that it has signed a purchase agreement
    to acquire from Pacific Convenience & Fuels LLC the 92
    ConocoPhillips company-owned and -operated sites in Kansas,
    Missouri, Utah, and New Mexico.

    The transaction is expected to close simultaneously with the
    previously announced acquisition of all of ConocoPhillips’
    remaining U.S. owned and operated retail and c-store outlets by
    Pacific Convenience & Fuels.

    The transaction is expected to close subject to regulatory
    approvals and customary closing conditions.

You must be logged in to reply to this topic.

Refining Community