New York-listed refinery Vertex Energy says it is ready to supply 0.5% sulphur limit bunker fuel as required by the International Maritime Organization (IMO)’s upcoming sulphur cap for marine fuel effective 2020.
“In 2017, our objectives were to penetrate the marine fuel markets, build a high purity base oil network throughout our Group III base oil import business, grow our collection volumes, and improve our production capacity,” said Benjamin P. Cowart, Chairman and CEO of Vertex Energy.
"We feel great about the overall state of our business and are optimistic about the company’s future.”
According to Cowart, the company has made investments to its refining facilities in anticipation of the upcoming IMO bunker regulation and other developments.
"We have made capital improvements at our facilities throughout 2017 that will position us to benefit significantly going forward,” he says.
“We plan to fully leverage what has become an improved market through multiple opportunities, including the high-purity base oil markets and processing finished products that will meet the new IMO’s 2020 marine bunker fuel regulations.
“Additionally, we will continue to focus on the growth of our collection business, both organically and through opportunistic acquisitions while growing our Group III base oil import business and managing our third-party feedstock cost.”
Houston-based Vertex Energy is a specialty refiner of alternative feedstocks and marketer of high-purity petroleum products and operators one of the largest processors of used motor oil in the U.S.
Published: 8 March, 2018
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