Trade war, COVID seen boosting port
The Houston region should benefit from companies shifting supply chains away from China because of trade wars and COVID-19, according to commercial real estate firm CBRE.
The region’s port, on the Gulf of Mexico, is easily accessible by the countries in the European Union and in Asia that have seen increased business as U.S. companies shifted supply chains away from China, CBRE said.
The report found companies have already begun shifting supply chains. Exports from China to the United States decreased 12.7 percent in 2019, and the total trade between the countries was down $100 billion from the year before. Meanwhile, countries including Taiwan and Vietnam increased trade with the U.S. by $18.7 billion and $9.1 billion, respectively, over the same time period.
CW Petroleum plans retail expansion
CW Petroleum Corp. of Katy announced it had engaged an investment bank to raise a combination of debt and equity to expand the company’s business nationwide.
The company also said it had entered into discussions with a Top 10 convenience store chain to become a potential franchisee for several stores over the next few years. The company signed a franchise agreement document that states the terms and conditions of owning and operating each store.
CW Petroleum supplies and distributes biodiesel, gasoline and a proprietary EPAapproved no ethanol gasoline to distributors, retail stations, marinas and end-users. It has targeted the ownership of convenience stores as part of its long-term business plan to become a fully integrated refined products company.
Carbo Ceramics emerges from bankruptcy
Carbo Ceramics Inc. said it had emerged from Chapter 11 bankruptcy protection. Its reorganization plan was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, on June 18.
The company said it had bolstered its balance sheet by significantly reducing its debt and certain lease liabilities.
In connection with the emergence, Don Conkle has been promoted to CEO. He joined the company in 2012 as vice president of sales and marketing.