ADNOC Signs Exclusive Agreement With Penthol for Group III Base Oil Sales Into the United States of America Through the Vertex-Penthol Partnership
Vertex Energy, Inc. (NASDAQ:VTNR),
a refiner and marketer of high-quality specialty hydrocarbon products,
announced that The Abu Dhabi National Oil Company (ADNOC) announced this
week that it has signed an exclusive agreement with Penthol, a global
organization in the supply and distribution of oil products and
petrochemicals, appointing them as exclusive seller of their Group III
base oils into the United States of America (USA).
In line with its strategy to maximize value from its refining and
petrochemical business, ADNOC produces up to 500,000 metric tonnes per
year of high quality Group III base oils through the Abu Dhabi Oil
Refining Company (Takreer), an ADNOC Group Company. Group III base oils
are typically used to manufacture top tier, high performance, engine
oils.
Vertex Energy, Inc, (NASDAQ:VTNR) a refiner and marketer of high-quality
specialty hydrocarbon products, announced last year, that it had entered
into an agreement with Penthol to act as Penthol’s exclusive agent to
market these new high quality base oils for the United States (U.S.).
In the past year, Vertex has taken on the responsibilities, in
cooperation with Penthol LLC (A Penthol subsidiary in the United
States), for Sales, Marketing, Technical Support, and Supply Chain for
the U.S. Market. The two companies are currently offering High VI Group
III base oils in 4 cSt, 6 cSt and 8 cSt viscosities under the
Vertex-Penthol name of “AD Base” Base Oils.
Benjamin P. Cowart, Chairman and CEO of Vertex Energy, stated, “We are
very pleased as Vertex-Penthol to finalize this exclusivity agreement
between Penthol and ADNOC. This completes the alignment between Vertex
and Penthol, where Vertex, on behalf of Penthol, is responsible for the
Technical Support, Sales, and Distribution of AD Base products here in
the United States.”
Faruk Erkoc, Chairman of Penthol LLC, said, "We are very excited to work
with Vertex as our exclusive agent. Their Group II Base Oil sales and
logistical infrastructure fits perfectly with our long-term commitment
to deliver high quality AD Base Group III Base Oils to our customers
throughout the United States."
Today’s announcement strengthens Vertex-Penthol’s commitment to
providing their customers maximum Value with Consistent High Quality,
High VI Group III Base Oils as well as Security of Supply for the United
States.
ABOUT VERTEX ENERGY, INC.
Vertex Energy, Inc. (VTNR) is a specialty refiner and marketer of
high-quality hydrocarbon products. Our business divisions include
aggregation and transportation of refinery feedstocks such as used motor
oil and other petroleum and chemical co-products to produce and
commercialize a broad range of high purity intermediate and finished
products such as fuel oils, marine grade distillates and high purity
base oils used for lubrication. Vertex operates on a regional model with
strategic hubs located in key geographic areas in the United States.
With its headquarters in Houston, Texas, Vertex Energy's processing
operations are located in Houston and Port Arthur (TX), Marrero (LA),
and Columbus (OH). For more information on Vertex Energy please contact
Porter, LeVay & Rose, Inc.'s investor relations representative Marlon
Nurse, D.M. at 212-564-4700 or visit our website at www.vertexenergy.com.
Forward-Looking Statements
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forward-looking statements included in this press release are made only
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