Uchenna Izundu
International Editor
LONDON, Feb. 27 -- Petroplus Holdings AG, Blackstone Group, and First Reserve have jointly launched a $1 billion US refinery acquisition program seeking other areas for growth.
Each company has committed $667 million in equity to the investment vehicle, PBF partnership, with a small group of professionals in the US to examine potential opportunities. Thomas O'Malley, Petroplus chairman, will act as the chief executive officer of the partnership.
O'Malley said there were interesting opportunities in the US. "This investment vehicle gives Petroplus accretive expansion opportunities, without the need to significantly lever up the balance sheet or issue equity to support a US growth vehicle."
Petroplus Holdings is the largest independent refiner and wholesaler of petroleum products in Europe with operations in the UK, Germany, Belgium, and Switzerland. The refineries have a combined throughput capacity of about 625,000 b/d.
The Blackstone Group is a global alternative asset manager and provider of financial advisory services, and First Reserve is a private equity firm specializing in the energy industry.
Contact Uchenna Izundu at [email protected].
