World Fuel Services, engaged in the marketing and sale of marine, aviation and land fuel product, has acquired selected assets of TGS Petroleum.
According to World Fuel Services, TGS Petroleum is an authorized branded distributor for Citgo Petroleum and Marathon Petroleum and a licensee for Clark Brands. TGS distributes gasoline and diesel fuel under long-term contracts to over 160 retail petroleum operators.
Michael Kasbar, president and COO of World Fuel Services, said: The TGS acquisition is another step in our strategy to expand our presence in the wholesale distribution business.
The integration of TGS into our land segment will create immediate synergies and expands upon our presence as the largest independent wholesale motor fuel distributor in Illinois.
Headquartered in Miami, Florida, World Fuel Services Corporation is a global leader in the marketing and sale of marine, aviation and land fuel products and related services. It claims to provide fuel and related services at more than 6,000 locations including airports, seaports, tanker truck loading terminals and other customer storage locations in over 190 countries around the world. With 44 offices (including satellite offices) located throughout the world, World Fuel Services offers its customers a value-added outsource service for the supply, quality control, logistical support and price risk management of marine, aviation and land fuel.
