Island Energy Services LLC, which acquired Hawaii’s Chevron operations, said Thursday it has sold the fee-simple land and buildings at 11 gas stations to Fergus & Co., a Honolulu real estate investment firm.
The subsidiary of New York-based One Rock acquired a year ago Chevron U.S.A. Inc.’s refinery in Kapolei, retail service stations, a network of pipelines and related port facilities on Oahu, Maui, Kauai and Hawaii island. Last week Oahu’s last Chevron gas station began its transition into a Texaco station under its new mainland owners.
As part of the deal, Fergus bought the fee-simple interest in the land and buildings and is leasing the properties back to Island Energy. Terms of the lease agreement weren’t disclosed.
The Kapolei-based company, which is the licensee of the Texaco brand in Hawaii, said there will be no impact to employees, customers, retailers, or operations of the Texaco gas stations.
“The completion of this transaction will allow the continued and long-term operation of our Texaco branded service stations, while making additional capital available to reinvest locally to serve our goal of growing a premier energy business in Hawaii,” said Jon Mauer, Island Energy president and CEO, in a news release.
BNP in no hurry to sell First Hawaiian stock
BNP Paribas, the onetime 100 percent owner of First Hawaiian Bank, said last year it would sell off all its stake in the company over time.
But the Paris-based financial giant, which still owns 62 percent of First Hawaiian after selling some of its shares to raise capital, said Tuesday it is in no hurry to divest its remaining stock of parent company First Hawaiian Inc.
“We’re not in a rush,” BNP Group Chief Financial Officer Lars Machenil said on an earnings conference call. “Hawaii is a bit farther away from our core activities when it comes to cross-selling and the related stuff, however, as I said, we’re not in a rush. So, we’ll take the time and we’ll see how these things evolve.”
ON THE MOVE
Atlas Insurance Agency has announced the following three promotions:
>> Wendy Manzon has been promoted to service account manager in the company’s Personal Lines Operations division.
>> Ken Fujiwara has also been promoted to service account manager in the company’s Personal Lines Operations.
>> Steven Lam has been promoted to account manager trainee and will provide account management as well as management assistance to account managers in servicing of clients. Lam has been with the insurance agency for the past two years and has his Certified Insurance Service Representative, and Casualty and Property licenses.
