Global Partners LP (NYSE: GLP), a FORTUNE 500® midstream logistics and marketing company, has entered into an agreement with OsComp Systems, Inc. to provide compressed natural gas (CNG) via truck to commercial, industrial and municipal customers in New England.
The agreement combines Global’s unique capabilities as a leader in the supply, marketing and distribution of energy products with the technology expertise of OsComp, a privately held company based in Houston, Texas. OsComp’s proprietary compression technology is designed to dramatically reduce the energy required to compress and transport natural gas, enabling the efficient, cost-effective delivery of the product to power plants, hospitals, businesses and other large energy users that are not directly connected to the natural gas transmission and distribution grid.
“Our strategic alliance with OsComp provides us with new and innovative technologies that we believe will directly benefit our customers through reduced capital expenses, lower maintenance costs and higher efficiency, resulting in lower overall costs,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “OsComp’s technology is installed, operating and proven. Through its turnkey CNG system, OsComp is successfully delivering gas to customers in the oilfield though a natural gas virtual pipeline that includes trailers and unloaders. Utilizing OsComp’s superior technology and engineering expertise, Global and OsComp together will deliver a highly customized solution that provides safe, convenient and cost-effective access to natural gas for business customers that are not near a pipeline.”
“This relationship leverages Global’s leadership in gathering, storage, transportation and strong marketing relationships throughout the New England market to make our turnkey CNG solution commercially available to New England businesses,” said OsComp Founder and Chief Executive Officer Pedro Santos. “For large users, we believe that our CNG solutions have the potential to create an immediate energy savings of up to 30 to 40 percent. Our technology is a ‘virtual’ natural gas pipeline that benefits customers in two distinct ways. First, our system delivers better economics through decreased capital investment, lower delivered costs and fast, easy and cost efficient infrastructure development. Second, our system offers greater flexibility, allowing a customer to adjust capacity as needed. Natural gas is a clean and versatile energy source that can help make businesses more competitive.”
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV