Marketer closes on deal to buy 90 Shell Stations

Oil Express - June 21, 2010 VolXXXIII, Issue No.25

Almost two years after Shell started detailing plans to sell its New York metro area stations, jobber Sammy Mussa ElJamal has closed on the acquisition of the 90 sites, Oil Express sources say.

The locations were acquired by ElJamal's Thornwood, N.Y.-based Wholesale Fuels Co. Price-tag was face-down but financing for the deal was provided by M & T Bank.

The outlets are scattered around New York, Long Island, and Westchester, Rockland and Putnam counties. They move approximately 120 million gals/yr and will remain Shell-branded under a 20-year supply agreement, as exclusively reported (OE 12/15/09).

Wholesale Fuels intends to lease the outlets to dealers or other operators. Currently, dealers lease 68 of the outlets and multiple site operators (MSOs) run the remaining units. The purchase is ElJamal’s second acquisition from Shell in recent years. In 2008, he bought 35 stations in the Fairfield, Conn., market.

The latest acquisition will bring Wholesale Fuels’ volumes to roughly 205 million gals/yr.

Carol Donoghue, Oil Express

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