HOUSTON--(BUSINESS WIRE)--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.
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