Peninsula Petroleum inks storage agreement with Houston Fuel Oil Terminal

Peninsula Petroleum has revealed news of its new storage agreement with the Houston Fuel Oil Terminal Company (HFOTCO), to support the company’s bunkering operations in Houston and surrounding ports.

This is the latest step in Peninsula’s strategy of converting its remaining light physical operations (barging logistics) into a full physical model (barging plus storage logistics) in the Americas. This follows recent agreements in New Orleans, Los Angeles / Long Beach and Cristobal, Panama.

Moving into HFOTCO means presence in one of the busiest fuel oil terminals in the world, enabling Peninsula to source product directly from the local Platts MOC, one of the main keys to maintain a long term competitive and reliable supply structure.

The move is also a starting point for storing Peninsula owned blending components that will eventually enhance the group’s operations in the region.

Finally, this agreement includes the capability to supply bunkers ex-pipe for those ships calling at the terminal. This creates value for Peninsula global customers who avoid the downtime of moving to anchorage areas to take bunkers by barge.

Peninsula’s Global Head of Supply & Trading, Alex Lyra said: “Growing our global portfolio of storage positions into HOFTI is not only an important step towards further consolidating our local bunkering operation but also a key element for the integration of the group’s regional physical footprint, both on the Atlantic and Pacific coasts.”

For more information visit www.peninsulapetroleum.com

16th Nov 2017