Vitol Group’s US subsidiary Vitol Inc. will now operate as LPC Crude Oil Marketing after it formed a partnership with LPC Crude Oil and acquired 50% of the company.
LPC Crude Oil, focused on gathering, marketing and transporting oil condensate in the Permian Basin, will continue to operate as a separate entity focusing on its core customer base.
The partnership will enable both companies to extend their customer reach in the Permian Basin.
‘Vitol is pleased to be joining efforts with the team at LPC Crude Oil to increase both company’s efforts to service Permian Basic crude oil producers,’ says Mike Loya, Vitol’s president. ‘LPC’s president… and his team have deep roots in the region, and we look forward to the Vitol-LPC venture broadening our reach and helping us to pursue growth opportunities there.’
Describing Vitol as an ‘industry leader’, Steve Mills, president of LPC, says: ‘Vitol brings both the financial heft and expanding terminalling and logistics presence in the Permian to help us grow rapidly while still maintaining the small-company atmosphere that allows us to serve our customers so well.’