The new company Hartree Bulk Storage is headquartered in New York and plans to capitalize on the strong global demand for bulk liquids storage infrastructure through mergers and acquisitions, greenfield projects and joint venture partnerships.

The newly formed platform is expected to provide independent solutions for refiners, petrochemical manufacturers, marketers and producers of crude oil, refined products, NGLs and other bulk liquids.

Hartree and Oaktree started their partnership in early 2015, when Oaktree funds purchased Hess Corporation’s stake in Hess Energy Trading Company.

Oaktree managing director Rajath Shourie said: “Oaktree is very pleased to expand our partnership with Hartree. Our shared vision and common investing principles have generated attractive returns at Hartree over the past four years. We are excited to build an integrated bulk storage and logistics solutions provider that leverages the unique market perspective of a commodity merchant.”

The new company Hartree Bulk Storage expands the partnership between both the companies and provides a dedicated platform.

The platform allows the companies to take advantage of Hartree’s 20+ years of experience in the oil and refined products markets by developing safe and reliable storage solutions that offer flexible, multimodal connectivity for its customers.

Hartree Partners co-founder Guy Merison said: “Hartree’s deep understanding of the energy supply chain and local market dynamics, coupled with its ability to identify future market trends, will guide the ability of Hartree Bulk Storage to provide superior connectivity and optionality to its customers.

“Over the past two decades, Hartree has consistently utilized storage solutions for its trading business, and we believe that in partnership with Oaktree funds, Hartree Bulk Storage can develop a network of storage facilities with strategic importance to its customers.”