Ocean Petroleum Closes on BP Deal

Ocean Petroleum, a Maryland-based jobber and store operator, has finalized its acquisition of a package of BP branded retail sites in New Jersey.

“We are excited to have completed this last piece of our overall BP acquisition and look forward to the full integration of this quality block of stores into our retail business,” said Ed Ellis president of Ocean Petroleum.

Ocean Petroleum is a distributor and wholesaler of petroleum products serving the Mid-Atlantic states. It is affiliated with BP, Chevron, Citgo, Exxon, Sunoco and Texaco.

Financing for the latest BP deal was coordinated by PetroProperties & Finance LLC of Coral Gables, Fla.

“Ocean Petroleum has been a long standing client of our company and we are extremely happy to have been able to successfully arrange their financing within the economic climate that our industry has been operating,” said Mike Baskin chairman of PetroProperties & Finance.

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