HOUSTON, Feb. 20 /PRNewswire-FirstCall/ -- Frontier Oil Corporation
(NYSE: FTO) announced today the acquisition of Ethanol Management Company
(EMC) for cash consideration of approximately $3.1 million. EMC's primary
assets are a 25,000 barrel-per-day (bpd) products terminal and blending
facility located near Denver, Colorado. Frontier's Cheyenne Refinery has
been a customer of EMC since 1989.
Frontier's Chairman, President and CEO, James Gibbs, remarked, "EMC is
an ideal complement to our existing refinery operations. This acquisition
is beneficial to Frontier because it ensures our ability to blend gasoline
and ethanol to provide quality finished products to the growing Denver
market. Additionally, as renewable fuels are increasingly important to the
United States' plan for the future, we believe we can expand EMC's facility
to blend bio-diesel and also increase the amount of ethanol blended at this
location.
Frontier operates a 110,000 barrel-per-day refinery located in El
Dorado, Kansas, and a 52,000 barrel-per-day refinery located in Cheyenne,
Wyoming, and markets its refined products principally along the eastern
slope of the Rocky Mountains and in other neighboring plains states.
SOURCE Frontier Oil Corporation
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Related links:
http://www.frontieroil.com
CONTACT:
Doug Aron of Frontier Oil Corporation,
+1-713-688-9600, ext. 145
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