Strad Energy Services has signed definitive share purchase agreements to acquire Redneck Oilfield Services and Raptor Oilfield Services (collectively Redneck).
The $23.42m deal will be funded by Strad Energy through the issues of 11,098,598 class A common shares.
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Raymond James is the financial advisor to Strad Energy for the transaction, which is anticipated to be completed before 30 September 2016.
Valero Energy Corporation (Valero), through its subsidiary Valero Terminaling and Distribution Company, has completed the acquisition of the remaining 50% partnership interest in Parkway Pipeline LLC from a wholly-owned subsidiary of Kinder Morgan, Inc.
The 141 mile-long, 16in diameter Parkway Pipeline transports refined petroleum products from Valero’s St. Charles refinery in Norco, Louisiana. It has a capacity of 110,000 barrels per day (bpd) with scope for further expansion to handle more than 200,000bpd.
The acquisition allows Valero to improve its product supply to the eastern US.
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By GlobalDataRosneft Oil Company plans to buy a stake in Bashneft from the Government of Russia, which is contriving to dispose 50% of the 75% interest it holds in Bashneft.
Bashneft owns 194 oil and gas fields and 237 exploration and production licenses, as well as three refineries in Russia.
The acquisition will allow Rosneft to extend its operational foot print in Russia.
