Several large oil companies in the United States have recently put part of their retail operations up for sale, and this has led to opportunities in the sector, the report said. At today's market prices, the cost of buying the stations is estimated to be $150 [image-nocss] million to $200 million (U.S.).
According to energy industry sources, Ampal has already begun investigating the acquisition of the stations, though a decision has not yet been reached.
Recently, it was reported that Ampal is in talks with Petro Group Ltd. to buy its U.S. fuel operations, held by Petro Group subsidiary GPM Investments LLC, Mechanicsville, Va., at a company value of $80 million. GPM owns a chain of 345 gas stations and convenience stores in the United States.
GPM Investments operates about 280 Fas Mart c-stores in Connecticut, Delaware, Maryland, New Jersey, North Carolina, Pennsylvania, Rhode Island and Virginia. GPM also owns and operates the Shore Stop network of c-stores along the Eastern Shore of Maryland and Virginia. In 2004, Fas Mart acquired New England chain DB Mart (36 stores) and converted them all to the Fas Mart banner. The company also supplies petroleum products to a network of about 60 independent third-party dealers.
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Ampal has been trying for several months to expand its energy operations, which include primarily a 12.5% stake in gas supplier EMG. Maiman also owns a stake in EMG himself, through his private company Merhav, said the report.
Yosef A. Maiman is president and CEO of the Merhav Group of Cos. Merhav is an Israeli based multi-national corporation with a global outlook. During its 25 years track record in the development, implementation and operation of a large volume of projects in relatively difficult economic environment Merhav has become a sophisticated project developer in the areas spanning from energy, infrastructure, agriculture industry and telecommunications.
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