Catsimatidis Inks Deal to Make United Metro Energy Corp. the Largest Heating Oil and Motor Fuels Distributor in the New York City Metropolitan Area
UMEC acquires substantial heating oil business previously owned by Direct Energy Business
NEW YORK, May 5, 2014 /PRNewswire/ -- United Metro Energy Corp. (UMEC) of Brooklyn is positioned to become the largest supplier of heating oil and motor fuels in the New York Citymetropolitan area as result of a major acquisition. John A. Catsimatidis, Chairman and CEO of UMEC, announced today that UMEC has acquired the New York City heating oil business of Direct Energy Business, LLC. which purchased the business last year from a major oil company. This acquisition will add more than 8,000 new customer locations and $500 million in annual sales. UMEC's overall annual sales are expected to be more than $1 billion.
On May 1, 2014, UMEC, already a significant supplier of heating oil and motor fuels in the New York City area, began serving its new heating oil customers, continuing a legacy of over 50 years of service to heating oil users in New York City.
"We will maintain the same outstanding customer service team that has so effectively served our new customers for many years. Our company is committed to expanding our energy service business in theNew York metropolitan area to keep up with New York's increasing energy needs," stated Mr. Catsimatidis.
UMEC owns terminals in Brooklyn and Calverton, Long Island, and supplies heating oil and motor fuels to customers in New York City and Long Island. UMEC is a pioneer and a leader in bringing biofuels to the New York metropolitan area, the largest heating oil market in the United States. In 2015, United Biofuels, Inc., an affiliate of UMEC, will open one of the largest state-of-the-art advanced biodiesel production facilities in North America, to be based in Brooklyn designed to produce 50 million gallons per year of biodiesel fuel. This will afford many more businesses and customers the opportunity to "go green."
"We are the only company in New York City that has committed to make substantial new investments in serving the clean energy needs of the metropolitan area," remarked Mr. Catsimatidis.
UMEC is affiliated with United Refining Co., a 70,000 bbl per day refining company based in Warren, Pennsylvania which also owns and operates approximately 400 convenience stores in New York, Ohioand Pennsylvania; United Riverhead Terminal, a 5 million barrel (210 million gallon) petroleum storage terminal in Riverhead, Long Island; and United Biofuels, Inc. in Brooklyn, New York, making UMEC a leader in serving the clean fuel needs of the New York City metropolitan area.
United Metro Energy Corp., www.unitedmetroenergy.com
SOURCE United Metro Energy Corp.