Published:
CVR Energy Subsidiary Signs Crude Supply Pact With Vitol
SUGAR LAND, Texas, Dec. 3 /PRNewswire-FirstCall/ -- Independent petroleum
refiner Coffeyville Resources Refining & Marketing, LLC, a subsidiary of CVR
Energy, Inc. (NYSE: CVI), announced today that it has signed a two-year crude
oil supply agreement with Vitol Inc. Specific terms of the agreement, which
becomes effective Dec. 31, 2008, were not released.
Founded in 1966, the Vitol Group is one of the world's largest physical
oil and commodities trading companies. The Vitol group of companies operates
from six major offices, including one inHouston. Vitol also has interests in
oil terminals and energy related assets worldwide.
Under the agreement, Vitol will provide crude oil supply and logistics
intermediation on behalf of Coffeyville Resources Refining & Marketing through
a term ending Dec. 31, 2010, which can be extended under the terms of the
agreement.
"Vitol's proposal is very competitive both from a cost and operational
standpoint," said Jack Lipinski, CVR Energy's chairman, president and chief
executive officer. "We are very pleased with the capabilities and experience
the Vitol team brings to this deal. We look forward to a long standing
productive relationship with Vitol."
The Vitol agreement replaces an oil supply agreement with J. Aron &
Company, which will expire on Dec. 31, 2008. Coffeyville Resources Refining &
Marketing entertained several proposals before selecting Vitol.
About CVR Energy, Inc.
Headquartered inSugar Land, Texas, CVR Energy, Inc.'s subsidiary and
affiliated businesses include an independent refiner that operates a 115,000
barrel per day refinery inCoffeyville, Kan., and markets high-value
transportation fuels supplied to customers through tanker trucks and pipeline
terminals; a crude oil gathering system serving centralKansas, northern
Oklahoma and southwestNebraska; an asphalt and refined fuels storage and
terminal business inPhillipsburg, Kan.; and, through a limited partnership,
an ammonia and urea ammonium nitrate fertilizer business located in
Coffeyville, Kan.
For further information, please contact:
Investor Relations: Media Relations:
Stirling Pack, Jr. Steve Eames
CVR Energy, Inc. CVR Energy, Inc.
281-207-3464 281-207-3550
InvestorRelations@CVREnergy.com MediaRelations@CVREnergy.com
SOURCE CVR Energy, Inc.
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Copyright © 2009, NewsBlaze,
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