IES transitions to dedicated logistics and retail operations
Published by Alex Hithersay,
Editorial Assistant
Hydrocarbon Engineering,
Island Energy Services LLC (IES) has announced that it has completed its transition to dedicated logistics and retail operations.
Concurrently, IES closed the previously announced transaction in which Par Pacific Holdings, Inc. ("Par") purchased select refinery assets from IES. As part of the transaction, IES has entered into a long-term agreement with Par under which IES will provide Par fuel storage and throughput services.
IES plans to reinvest net proceeds from the sale to further expand its logistics and retail capabilities. This includes expected investment in expanded bulk import facilities on Oahu and additional retail stations throughout Hawaii, including the opening of a new Texaco® branded retail station in Kapolei in early 2019.
IES President and CEO Jon Mauer said: "With our large-scale Kapolei import terminal, we believe that IES is well-positioned as a world-class logistics provider for Hawaii."
Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/21122018/ies-transitions-to-dedicated-logistics-and-retail-operations/
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