Sprague Resources Closes Purchase Of Hess' Commercial Fuels Business

(RTTNews) - Sprague Resources LP (SRLP) reported the completion of the acquisition of the Commercial Fuels business of Hess Corp. (HES) outside of the New York City service area for the purchase of inventory valued at $30 million on December 30, 2013. The transaction covers around 10 million gallons of inventory; refined product purchase, sale and storage agreements; and the assumption of existing supply contracts to former Hess customers in 13 states along the East Coast.

The assumed contracts represent an estimated 90 million gallons per year of refined product sales. Newly acquired customers include state and municipal transportation authorities, school districts, commercial customers and several major fleet operators.

Sprague Resources LP is engaged in the purchase, storage, distribution and sale of refined petroleum products and natural gas.