M.E. Zukerman Energy Investors Inc., New York, said Wednesday it plans to buy Pennzoil-Quaker State Co.'s 50% share of Penreco, a partnership with Conoco Inc. that makes and markets specialty petroleum products.
The sale is due to close by Jan. 31. Purchase price was not announced.
Penreco sells white oils, petrolatums, solvents, gelled products, and other products.
M.E. Zukerman Energy Investors is an affiliate of M.E. Zukerman & Co. Inc., a private merchant bank that co-invests with major energy companies in energy production and in midstream and downstream businesses.
John Luke, managing director, said, "Since its inception in 1990 M.E. Zukerman Energy Investors has completed transactions covering a wide range of energy assets with an aggregate value in excess of $2.9 billion. The investment in Penreco continues the long-standing relationship that M.E. Zukerman Energy Investors has enjoyed with Conoco."
Pennzoil-Quaker State markets more than 1,300 products with 20 leading brands in more than 50 nations.
