PHOENIX Park Gas Processors Ltd (PPGPL) on Friday, announced that it completed its acquisition of a propane terminal located in Rush City, Minnesota, USA. on December 13.
In a statement, the company said the acquisition was done through its wholly-owned subsidiary Phoenix Park Energy Marketing LLC (PPEM).
The terminal was purchased from Interstate Fuel & Energy, LLC. (Interstate), a subsidiary of Interstate LLC.
PPGPL said with this transaction, it has recorded its third acquisition in the US in the last two years.
PPGPL is notably the first state company to acquire assets in North America and is well poised to grow further, the release said.
Operating under the Phoenix Park brand, PPEM is engaged in the business of marketing, trading, and transportation of natural gas liquids in Canada, USA and Mexico.
With this latest acquisition, PPEM intends to increase its utilisation of the terminal and continue to grow its markets in the midwestern US.
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