CLARIFICATION: K&G Petroleum Says Closed Stores Not Theirs
Attorney says no affiliation with PCF Saleco
LONE TREE, Colo. -- Following on news reports that K&G Petroleum/PCF Saleco-owned stores in Albuquerque, N.M., are no longer accepting credit cards, while some stores in Kansas were not pumping gasoline at all, executives from K&G Petroleum LLC have asked CSP Daily News to clarify that "K&G Petroleum has no ownership interest in PCF Saleco." and "K&G Petroleum does not own or operate any convenience stores in New Mexico."
An attorney for the company told CSP Daily News that K&G and PCF "are separate companies."
CSP Daily News previously reported that a couple dozen ConocoPhillips/Circle K-branded stores around Albuquerque, N.M., have posted "cash only" signs on their gasoline dispensers and store windows, and pumps at several stores had run out of gasoline as of Thursday, citing employees and customers interviewed by The Albuquerque Journal. Also, several Phillips 66-branded stations in Kansas City owned by PCF Saleco, according to reports, temporarily shut down due to "financial difficulties." Some stations have since reopened.
K&G Petroleum shares the same Lone Tree, Colo., address, but has no legal relationship with PCF Saleco, attorney Randy Dunn told The Albuquerque Journal. An owner of K&G Petroleum also is an owner with PCF Saleco, he added.
According to CSPedia, K&G Petroleum was founded in 1987 by business partners Baljit Nanda and Preet Singh and operated with fewer than 20 stores until 2005, when K&G acquired all of the BP sites in Colorado and rebranded them to ConocoPhillips. In October 2008, K&G purchased Circle K sites formerly owned by ConocoPhillips. Later, the privately held company split up, with the Circle K stores becoming the basis of PCF Saleco, with units in Utah, New Mexico, Kansas and Missouri. These stores have their own buyer and are run separately from Jenny’s Market and K&G stores.
K&G Petroleum currently owns and operates 29 convenience stores in Colorado and Oklahoma under the Jenny's Market and K&G brands, according to CSPedia. It also franchises three stores and has a dealer-jobber relationship with 27 sites.