Hartree Partners, a New York-based commodities trading firm, is forming a business to provide storage, terminaling and logistics services for producers of crude oil, refined petroleum products and other bulk liquids.
Oaktree Capital Management will provide an equity commitment of up to $735 million to launch Hartree Bulk Storage. Oaktree has been a financial partner with Hartree since 2015, when Oaktree purchased Hess Corp.’s stake in Hess Energy Trading Co. and merged with Hartree Partners.
The new entity will undertake mergers and acquisitions, greenfield projects and joint ventures, according to a Jan. 28 statement released by Hartree and Oaktree.
“Over the past two decades, Hartree has consistently utilized storage solutions for its trading business,” co-founder Guy Merison said, “and we believe that in partnership with Oaktree funds, Hartree Bulk Storage can develop a network of storage facilities with strategic importance to its customers.” — Transport Topics