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HEYCO: HEYCO Energy Group and IPC (USA) Inc. move to form an alliance for domestic LNG fuels marketing
UPDATE: HEYCO and IPC have not yet reached a definitive agreement. The companies expect to have an ongoing business relationship, however not as announced in the press release or as outlined in the executed LOI.
February 6, 2014
Dallas, Texas — HEYCO Energy Group, Inc. announced today that it has executed a letter of intent with IPC (USA), Inc. for 150,000 gallons per day of liquefied natural gas (LNG), or HEYCO’s entire first stage of production. The plant – located in Texas’ Lavaca County to serve the Eagle Ford shale play – should be producing by the 4th quarter of 2014.
“We are extremely excited to be partnering with a major wholesale fuel supplier,” said George M. Yates, CEO of HEYCO. “IPC has intimate knowledge of the fuel distribution requirements of the E&P sector in South Texas, and has the foresight to expand their line of fuels to include cleaner, more affordable LNG.”
IPC will offer dual fuel supply options of both LNG and ULSD to its Eagle Ford basin customers. IPC supplies gasoline, diesel, jet fuel, and other refined petroleum products to several customer types including distributors, retail stations, trucking companies and industrial end-users. The company has contracts with more than 60 suppliers throughout the country.
“Our customers are looking for LNG fuel supply solutions today, and our relationship with HEYCO will provide us with long-term, high-quality LNG to meet that need,” said Oscar Okinaga, CEO of IPC. “By combining our fuel supply expertise and HEYCO’s long-standing relationships in the E&P sector, we expect to be a significant player in the domestic LNG market, starting in South Texas.”
HEYCO announced in late 2013 that it will install the first LNG facility dedicated to the energy sector and the Southern Gulf Coast. The facility’s first-stage production capacity will be 150,000 gallons per day, and expandable to 300,000 gallons per day within six to eight months as demand dictates. Under the letter of intent, IPC will have exclusive use of HEYCO’s first-stage LNG capacity, with additional rights to HEYCO’s expansion capacity. IPC intends to provide dual fuel service options to its existing diesel customers, as well as other fuel distribution companies and industrial users.
About IPC (USA), Inc.
IPC is an independent wholesale petroleum distributor, headquartered in Irvine, California, with offices throughout the U.S. IPC has contractual relationships with over 60 suppliers; this includes both refiners and trading companies throughout the U.S. IPC can deliver minimal volumes, to over a million gallons at a time in local markets and throughout the U.S. Learn more at www.usipc.com.
About HEYCO Energy Group
HEYCO Energy Group, Inc., is a U.S. holding company with subsidiaries and affiliates active in oil and gas operations in the United States and Europe. HEYCO is a private company owned by members of the Yates family of Southeastern New Mexico, who have been active in the upstream oil and gas business since the 1920s. Visit www.heycoenergy.com to learn more.