Vitol Buys Stake in Sargeant Marine
The Vitol Group and Sargeant Marine, an asphalt trading, storage and transportation business, announced that Vitol will acquire a 50 percent interest in Sargeant Marine for an undisclosed sum. Sargeant Marine comprises a global trading operation, which distributes asphalt to customers worldwide, and two terminals in Rotterdam, Netherlands and Constantza, Romania. On completion, it is anticipated that the new, combined business will trade circa 1.3 million metric tons of asphalt per annum, with hubs in Florida, London and Singapore, and operate a fleet of 13 specialist vessels. It will also benefit from access to Vitol’s asphalt production around the world. The transaction is expected to complete in the first quarter of 2016. Until completion, day to day operations will remain unchanged.
PPG Donates $10,000 to NACE For Annual Scholarships
Donation supports students pursuing corrosion-, coatings-related degrees. The PPG Industries Foundation has donated $10,000 to create two annual scholarships provided through the NACE International Foundation, a 501(c)(3) entity affiliated with NACE International, The Corrosion Society. Two students pursuing postsecondary academic degrees related to corrosion or coatings each received a $5,000 scholarship on behalf of PPG. Azra Turajlic of Fort Worth, Texas, a freshman majoring in petroleum engineering at Louisiana State University.
ISR Holds Crawler Crane Dedication Ceremony
International Ship Repair & Marine Services, Inc. (ISR) was awarded a $980,260 federal grant from the U.S. Department of Transportation Maritime Administration (MARAD) to partner in the funding of its new, American made, 275-ton Manitowoc crawler crane. According to ISR, fierce competition for a portion of the total $9.46 million awarded through its Small Shipyard Grant Program was evident as MARAD received 113 grant applications requesting project funding of more than $96 million. ISR is one of only 11 other shipyard grant recipients from throughout the United States.
