Isal Buys Stake in Empire Petroleum

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Isal Buys Stake in Empire Petroleum

ISRAEL -- A subsidiary of Isal Amlat Investment Ltd. signed a memorandum of understanding for the acquisition of 50 percent of Empire Petroleum Holdings LLC, which is held by Empire Petroleum Marketing LLC, for $6 million, Globes Online reported.

Empire Petroleum, based in Rockville, Md., has long-term contracts to supply 65 million gallons of fuel annually to 140 gas stations on the U.S. East Coast.

Last year, Isal pulled out of the acquisition of nine gas stations in South Carolina for $11.2 million.

The company has investments in industry, real estate and commerce, including cosmetics chain New Pharm Ltd. and battery producer Schnapp Ltd.