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Peninsula signs storage agreement with HOFTI

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Hydrocarbon Engineering,

Peninsula Petroleum Ltd has signed a new storage agreement with the Houston Fuel Oil Terminal (HOFTI), to support the company’s bunkering operations in Houston, Texas, 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. The deal follows recent agreements in New Orleans, Los Angeles/Long Beach and Cristobal, Panama.

Peninsula said that the deal with HOFTI will enable the company to source product directly from the local Platts MOC. The move is also a starting point for storing Peninsula-owned blending components, which will eventually enhance the group’s operations in the region.

The agreement also includes the capability to supply bunkers ex-pipe for ships calling at the terminal.

Alex Lyra, Global Head of Supply & Trading, 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.”

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