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Penn Octane has taken its foot off the gas (liquefied petroleum gas, or LPG), and throttled back on the octane. The company has no assets other than its role as 75% owner and manager of Rio Vista GP LLC, the general partner of pipeline and terminal company Rio Vista Energy Partners. Once a provider of LPG transportation and storage services, in 2006 Penn Octane sold its LPG assets to TransMontaigne Product Services, a wholly owned subsidiary of TransMontaigne, for $9.8 million, to pay down debt. The company also exited its gasoline and diesel fuel reseller operations in 2008 to further pay down expenses. Former chairman Jerome Richter controls about 28% of the company.
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| | | Contact Information | |
Address: |
77-530 Enfield Ln., Bldg. D
Palm Desert, CA 92211
| | Phone: | 760-772-9080 | | Fax: | 760-772-8588 |
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| Financial
Highlights | | Fiscal Year End: | December | | Revenue (2008): | 57.30 M | | Revenue Growth (1 yr): | (-63.30%) | | Employees (2008): | 61 | | Employee Growth (1 yr): | 19.60% |
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Key People
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Chairman:
Richard R. Canney
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Acting CEO, Acting President, VP, CFO, Treasurer, and Assist:
Ian T. Bothwell
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