The terminal has the capacity to store more than 2 million bbl of gasoline, diesel and jet fuel.
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Affiliates of the two companies have entered into an agreement to jointly develop a futures contract for the physical delivery of crude oil in the Houston area.
Penspen has been awarded a detailed engineering contract from Target Engineering Construction Company in Abu Dhabi, UAE.
As part of the transaction, Petroleum Service Corp. will absorb Fryoux's tankerman operations along the US Gulf Coast.