Vertex Energy, Inc. (OTCBB:
), a leader in the aggregation, re-refining and processing of distressed petroleum streams such as used oil, transmix, fuel oils and off-specification commercial chemical products, today announced its expansion to aggregate and sell black oil from a new location in Mobile, AL. This location is anticipated to add approximately 20,000 barrels of oil per month to Vertex’s Black Oil Division.
Benjamin P. Cowart, CEO of Vertex, stated, “The addition of our new location in Mobile dramatically increases the aggregation footprint of our Black Oil division. We anticipate this new location will allow us to handle an incremental 20,000 barrels of black oil per month through our network. We now have logistical hubs in Mobile as well as in Seabrook and Baytown, TX, giving us excellent coverage throughout the Gulf Coast region. In the near term, this location will assist us in aggregating additional black oil for sale and for internal processing at our state–of-the-art Thermal-Chemical Extraction Process facility in Texas. As we continue to expand, Mobile will serve as a strategic long-term location for us because of its access to major metropolitan areas east of the Mississippi River. By having a logistics hub east of the Mississippi River we can more easily source black oil from these additional markets at a lower cost, allowing us to better serve our customers and suppliers in the eastern U.S. This location represents a first step towards our goal of expanding the company’s processing capacity outside of Texas while providing improved access to new markets for our finished products.”
Vertex Energy’s Black Oil Division operates as an outsourced feedstock manager for large consumers of used motor oil (or “black oil”) by finding the appropriate quantities of black oil at the best prices on a reliable basis and managing the logistics of having the necessary quality and quantity of black oil delivered to the customers’ facilities in a timely manner.