Continental Refining Co.
Jul 5, 20222 min
Continental Refining Co. announced June 30 that it has acquired Russell County Oil LLC, a bulk-fuels provider based in Russell Springs, Kentucky.
The acquisition is part of Continental Refining’s continued expansion as it is currently investing an additional $31.5 million to acquire and install a soybean-crushing, biodiesel-refining and blending facility at the legacy Continental Refining oil refinery in Somerset, Kentucky.
The purchase was completed June 29.
The new acquisition includes Russell County Oil’s bulk terminal in Russel Springs, along with 200-plus active customers to whom it provides bulk-fuel and wet-fueling services for Russell and surrounding counties in the region.
The company also provides on-site tank solutions for high-volume customers.
Continental Refining serves as a fuel producer and distributor based in Somerset, Kentucky, serving customers in Pulaski and the eight surrounding counties.
It officially reopened its fuel-distribution and bulk-lubricant operations last November, offering on-site fueling for retail, commercial and industrial, construction, agriculture, and residential customers.
Continental Refining has also entered into a marketing agreement to distribute Phillips 66 bulk lubricants and products.
The company offers two types of transport as part of its services—large tanker transport and tank wagon.
Local entrepreneur and Hemisphere Ltd. CEO Demetrios Haseotes purchased the refinery in 2011, investing more than $71 million updating the facility’s crude oil refining capabilities over the years and adding the soybean-crushing, biodiesel-refining and blending facilities.
Continental Refining will create up to 32 new jobs with an annual payroll of more than $2.65 million (including taxes and benefits) and an average salary range of approximately $18 to $20 per hour.
Continental Refining is located on 77 acres in the heart of Somerset, Kentucky.
Its revitalization includes the acquisition and installation of a soybean-crushing and biodiesel facility.
The crushing facility will process nearly 4 million bushels of soybean per year (84,000 tons) while its biodiesel-refining division will generate up to 5 million gallons per year as planned.
The company officially broke ground on its soy-crush, biodiesel-refining and blending facility in December.
Continental Refining’s terminal will have the ability to distribute more than 130 million gallons of product.