Torrance is a U. S. city in the South Bay region of Los Angeles County, California in the Los Angeles metropolitan area. Torrance has 1.5 miles of beaches on the Pacific Ocean. Torrance has a moderate year-round climate with warm temperatures, sea breezes, low humidity, an average rainfall of 12.55 inches per year. Since its incorporation in 1921, Torrance has grown to a 2013 estimated population of 147,000; this residential and light high-tech industries city has 30 city parks. Known for its low crime rates, the city ranks among the safest cities in Los Angeles County. Torrance is the birthplace of the American Youth Soccer Organization. In addition, Torrance has the second-highest percentage of residents of Japanese ancestry in California. For thousands of years the area where Torrance is located was part of the Tongva Native American homeland. In 1784 the Spanish land grant for Rancho San Pedro, in the upper Las Californias Province of New Spain and encompassing present day Torrance, was issued to Juan Jose Dominguez by King Carlos III – the Spanish Empire.
It was divided in 1846 with Governor Pío Pico granting Rancho de los Palos Verdes to José Loreto and Juan Capistrano Sepulveda, in the Alta California territory of independent Mexico. In the early 1900s, real estate developer Jared Sidney Torrance and other investors saw the value of creating a mixed industrial-residential community south of Los Angeles, they purchased part of an old Spanish land grant and hired landscape architect Frederick Law Olmsted, Jr. to design a planned community. The resulting town was named after Mr. Torrance; the city of Torrance was formally incorporated in May 1921, the townsite being bounded by Western Avenue on the east, Del Amo Boulevard on the north, Crenshaw Boulevard on the west, on the south by Plaza Del Amo east of where it meets Carson Street, by Carson Street west of where it meets Plaza Del Amo. The first residential avenue created in Torrance was Gramercy and the second avenue was Andreo. Many of the houses on these avenues turned 100 years of age in 2012.
Both avenues are located in the area referred to as Old Town Torrance. This section of Torrance is under review to be classified as a historical district; some of the early civic and residential buildings were designed by the renowned and innovative Southern California architect Irving Gill, in his distinctive combining of Mission Revival and early Modernist architecture. Torrance is a coastal community in southwestern Los Angeles County sharing the climate and geographical features common to the Greater Los Angeles area, its boundaries are: the cities of Lawndale and Gardena to the north. It is about 20 miles southwest of Downtown Los Angeles. Torrance Beach lies between Malaga Cove on Santa Monica Bay; the southernmost stretch of Torrance Beach, on a cove at the northern end of the Palos Verdes peninsula, is known to locals as Rat Beach. An urban wetlands, the Madrona Marsh, is a nature preserve on land once set for oil production and saved from development, with restoration projects enhancing the vital habitat for birds and native plants.
A Nature center provides activities and classes for school children and visitors of all ages. Torrance has a Mediterranean climate bordering a subtropical highland climate; the rainy season is November through March. Summers tend to be warm and humid due to Torrance's proximity to the coast, making it the ideal weather for swimming; the Los Angeles area is subject to the phenomenon typical of a microclimate. As such, the temperatures can vary as much as 18 °F between inland areas and the coast, with a temperature gradient of over 1 °F per mile from the coast inland. California has a weather phenomenon called "June Gloom or May Gray", which sometimes brings overcast or foggy skies in the morning on the coast, followed by sunny skies by noon during late spring and early summer; the 2010 United States Census reported that Torrance had a population of 145,438. The population density was 7,076.1 people per square mile. The racial makeup of Torrance was 74,333 White, 50,240 Asian, 3,955 African American, 554 Native American, 530 Pacific Islander, 7,808 from other races, 8,018 from two or more races.
Hispanic or Latino of any race were 23,440 persons, while non-Hispanic whites formed 42.3% of the population. The Census reported that 144,292 people lived in households, 506 lived in non-institutionalized group quarters, 640 were institutionalized. There were 56,001 households, out of which 18,558 had children under the age of 18 living in them, 29,754 were opposite-sex married couples living together, 6,148 had a female householder with no husband present, 2,510 had a male householder with no wife present. There were 2,152 unmarried opposite-sex partnerships, 309 same-sex married couples or partnerships. 14,472 households were made up of individuals and 5,611 had someone living alone, 65 years of age or older. The average household size was 2.58. There were 38,412 families; the population was spread out with 31,831 people under the age of 18, 10,875 people aged 18 to 24, 38,296
Delaware City, Delaware
Delaware City is a city in New Castle County, United States. The population was 1,695 at the 2010 census, it is a small port town on the eastern terminus of the Chesapeake and Delaware Canal and is the location of the Forts Ferry Crossing to Fort Delaware on Pea Patch Island. The Delaware City Historic District, Eastern Lock of the Chesapeake and Delaware Canal and Fort Delaware on Pea Patch Island are listed on the National Register of Historic Places. Delaware City is located at 39°34′40″N 75°35′20″W. According to the United States Census Bureau, the city has a total area of 1.3 square miles, of which, 1.3 square miles of it is land and 0.1 square miles of it is water. As of the census of 2000, there were 1,453 people, 567 households, 395 families residing in the city; the population density was 1,156.3 people per square mile. There were 616 housing units at an average density of 490.2 per square mile. The racial makeup of the city was 87.47% White, 10.32% African American, 0.41% Native American, 0.21% Asian, 0.69% from other races, 0.89% from two or more races.
Hispanic or Latino of any race were 1.24% of the population. There were 567 households out of which 31.6% had children under the age of 18 living with them, 46.0% were married couples living together, 16.0% had a female householder with no husband present, 30.2% were non-families. 25.4% of all households were made up of individuals and 8.8% had someone living alone, 65 years of age or older. The average household size was 2.55 and the average family size was 3.03. In the city, the population was spread out with 24.8% under the age of 18, 7.2% from 18 to 24, 28.7% from 25 to 44, 27.3% from 45 to 64, 12.0% who were 65 years of age or older. The median age was 38 years. For every 100 females, there were 101.5 males. For every 100 females age 18 and over, there were 98.4 males. The median income for a household in the city was $43,611, the median income for a family was $50,294. Males had a median income of $40,192 versus $27,800 for females; the per capita income for the city was $21,992. About 5.9% of families and 8.5% of the population were below the poverty line, including 11.7% of those under age 18 and 11.2% of those age 65 or over.
Delaware City is close to the Delaware City Oil Refinery belonging to PBF Energy. Delaware Route 9 serves as the main road through Delaware City, passing southeast-northwest through the city on 5th Street. South of Delaware City, DE 9 passes over the Chesapeake and Delaware Canal on the Reedy Point Bridge. North of Delaware City, DE 9 has an intersection with Delaware Route 72, which provides access to U. S. Route 13 and Delaware Route 1. DART First State provides bus service to Delaware City along Route 25, which heads north to Wilmington along US 13. Delaware City is at the east end of the Chesapeake and Delaware Canal, which provides boaters with access to the Delaware River to the east and the Chesapeake Bay to the west; the Forts Ferry Crossing is a passenger ferry that provides access from Delaware City to Fort Delaware on Pea Patch Island in the Delaware River and to Fort Mott in New Jersey. Delmarva Power, a subsidiary of Exelon, provides electricity and natural gas to Delaware City; the water system in Delaware City is owned by the city and operated under contract by Artesian Water Company, a subsidiary of Artesian Resources.
Sewer service in Delaware City is provided by New Castle County. Trash collection is provided under contract by Waste Industries while recycling collection is provided by the city. Cable and internet in Delaware City is provided by Atlantic Verizon. Telephone service is provided by Verizon, with Cavalier Telephone serving the city. Delaware City's Fort DuPont State Park contains the home field of the Diamond State Base Ball Club, a vintage base ball team; the Diamond State Base Ball Club plays 4-6 games there per year. The Diamond State Base Ball Club plays at least once per year at Fort Delaware on Pea Patch Island and at nearby Port Penn, Delaware; the Diamond State Base Ball Club is a non-profit amateur organization created for the purposes of providing physical fitness to its members, educating the public on the history of baseball and local history, serving as a point of public pride. Lt. Gen. Eugene Reybold, U. S. Army Corps of Engineers, chief of engineers, during World War II. John E. Rickards, first Lieutenant Governor of Montana and the second Governor of Montana Sir Charles G. Freeborn, mayor Official city website Tourism website
Chalmette is a census-designated place in, the parish seat of St. Bernard Parish, in southeast Louisiana, United States; the 2010 census reported. The 2011 population is listed as 17,119; the population hence declined by 46% between 2000 and 2010. Chalmette is part of the New Orleans–Metairie–Kenner Metropolitan Statistical Area. Chalmette is located east towards Lake Borgne; the community was named for plantation owner Louis-Xavier Martin de Lino de Chalmette. Chalmette was appended to the family name after acquiring their Louisiana plantation, in honour of Louis-Xavier Martin de Lino's paternal great-grandmother, Antoinette Chalmette "Chalmette," in French, means pasture, or fallow land, Chalmette was founded by plantation owner Louis-Xavier Martin de Lino de Chalmette, a native of Quebec and grandson of René-Louis Chartier de Lotbinière of Maison Lotbinière, his eldest son, Louis Xavier Martin de Lino de Chalmette was born there and married the sister of Antoine Philippe de Marigny, grandfather of Bernard de Marigny.
In January 1815, the Battle of New Orleans was fought at the Chalmette plantation owned by his second son, Ignace Martin de Lino de Chalmette, a maternal half-brother of Col. Pierre Denis de La Ronde, who commanded the Louisiana militia's Third Regiment during the battle; the American forces under Major General Andrew Jackson defeated the British forces. While occupied by the British, on Andrew Jackson's orders, the Chalmette plantation was destroyed during the Battle of New Orleans; the battlefield is preserved as a national monument complete with visitor center, the Chalmette National Cemetery is adjacent. Since the mid-1970s, the site has been part of the Jean Lafitte National Historical Park and Preserve, a multi-site National Park Service property with its headquarters located in the French Quarter of New Orleans; the Greek Revival-style plantation house next to the Chalmette battlefield, named the Malus-Beauregard House, was built in 1830 and is open to the public. From 1951 to 1983, Chalmette was the location of a major Kaiser Aluminum plant.
On 29 August 2005, a 25-foot storm surge from Hurricane Katrina overflowed through the Mississippi River–Gulf Outlet Canal - a commercial channel dug by the United States Army Corps of Engineers in the 1960s - and flooded most of the town, with waters as high as 14 to 15 feet in some places. As a result, Chalmette was extensively destroyed. A majority of the population evacuated shortly before the storm hit, but there was still significant loss of life; as of 25 October 2005, most of the buildings were deemed unsalvageable. Despite findings published by the U. S. EPA, the toxic chemicals in the water from local oil refineries have been postulated to be an ongoing health hazard by several civilian ecological groups. Notable was the large oil spill originating in Chalmette's Murphy Oil facility, where the storm surge knocked over a huge oil tank; the parish administrative headquarters served as the site for a Federal Emergency Management Agency trailer park for numerous civil servants who were laboring in the rebuilding effort.
A year parish employees were still working shifts around the clock to bring the community back to life. Another center in the rebuilding effort was centered at the church of Our Lady of Prompt Succor, which served the congregations of the seven other Roman Catholic parishes as well as the main office of Catholic Relief Services, it served as the only place to hold funerals for the first 12 months after Katrina. Deputies working for the St. Bernard Parish Sheriff stated in early December 2005 that the oil tank floated in the flood; when the water receded, the tank settled on uneven ground. Its structural integrity was compromised, the oil spill occurred. By late November, the Murphy facility was functional, as was a small cluster of businesses around the intersection of Paris Road and St. Bernard Highway, on the least damaged River side of Chalmette; the devastated residential areas farther away from the River were open during daylight hours, for residents to salvage belongings from their damaged homes.
The majority of people staying in Chalmette full-time were living in trailers, which began to be supplied by FEMA or private enterprises on October 12. "Camp Premier," renamed "Camp Hope," was established as a base camp for the community's rebuilding efforts, facilitating the work of relief organizations, the National Guard, private individuals. As of August 2007, the camp is located at P. G. T. Beauregard Middle School and operated by Habitat for Humanity, to provide for relief volunteers in St. Bernard Parish. Other organizations, such as the St. Bernard Project, have participated in the rebuilding of Chalmette, from distributing supplies, to clearing debris, to repairing damaged houses; the Chalmette Battlefield was partially flooded in low-lying areas, destroying the visitor center, which has since been rebuilt. St. Bernard Parish has celebrated Mardi Gras with parades in Chalmette. In February 2006, the krewe of the Knights of Nemesis held a parade, past many buildings still in ruins, along the streets of Chalmette.
As of early 2008, many businesses have returned to the area, schools have reopened, although the population remains below pre-Katrina levels. Due to Hurricane Katr
Petróleos de Venezuela, S. A. is the Venezuelan state-owned oil and natural gas company. It has activities in exploration, production and exporting oil as well as exploration and production of natural gas. Since its founding on 1 January 1976 with the nationalization of the Venezuelan oil industry, PDVSA has dominated the oil industry of Venezuela, the world's fifth largest oil exporter. Oil reserves in Venezuela are the largest in the world and the state-owned PDVSA provides the government of Venezuela with substantial funding resources. Following the Bolivarian Revolution, PDVSA was used as a political tool of the government. Between 2004 and 2010, PDVSA contributed $61.4 billion to the government's social development projects, with around half of this went directly to various Bolivarian Missions while the remainder distributed via the National Development Fund. Profits were used to assist the presidency, with funds directed towards allies of the Venezuelan government. With PDVSA focusing on political projects instead of oil production and technical statuses deteriorated while employee expertise was removed following thousands of politically-motivated firings.
Incompetence within the company has led to serious inefficiencies and accidents as well as endemic corruption. As a result, thousands of workers have abandoned their work for PDVSA after PDVSA was put under military control. Venezuela has 77.5 billion barrels of conventional oil reserves according to PDVSA figures, the largest in the Western Hemisphere and making up half the total. This puts Venezuela as fifth in the world in proven reserves of conventional oil. By including an estimated 235 billion barrels of tar-like extra heavy crude oil in the Orinoco Belt region, Venezuela claims to hold the largest hydrocarbon reserves in the world. Venezuela has 150 trillion cubic feet of natural gas reserves; the crude oil PDVSA extracts from the Orinoco is refined into a fuel eponymously named ‘Orimulsion’. PDVSA has a production capacity, including the strategic associations and operating agreements, of 4 million barrels per day. Officials say production is around 3.3 million barrels per day although most secondary sources such as OPEC and the EIA put Venezuela's output at least 500,000 barrels per day lower.
The organization's payroll tripled during the presidency of Hugo Chavez. Oil production fell steeply. Soaring oil prices peaked in 2008 at $147 per barrel. In 2002, many of the employees of PDVSA went on strike against the policies of Chávez, who in response fired over 19,000 workers from the company. Intevep, the research and development arm of PDVSA lost 80% of its workers damaging PDVSA's ability to innovate and compete in the global petroleum market. PDVSA saw stagnant growth in the following era, defined by a boom in oil prices. Between 2002 and 2012, incapacitating injuries to employees rose from 1.8 per million man hours to 6.2, highlighting the companies struggle to optimize. Many ex-PDVSA employees moved to Alberta, where the oil consistency is similar to that of the Orinoco; as a result, the number of Venezuelans in Alberta has risen from 465 in 2001 to 3,860 in 2011. Many PDVSA workers migrated to Colombia and joined Ecopetrol, are credited with helping the company attain huge profits throughout the 2010s.
In 2006, Rafael Ramírez, the energy minister, gave PDVSA workers a choice: Support President Hugo Chávez, or lose their jobs. The minister said: "PDVSA is red, red from top to bottom". Chávez defended Ramírez, saying that public workers should back the "revolution", he added that "PDVSA's workers are with this revolution, those who aren't should go somewhere else. Go to Miami". PDVSA continues to hire only supporters of the president, PDVSA revenue is used to fund political projects. Under the presidency of Carlos Andrés Pérez, whose economic plan, "La Gran Venezuela", called for the nationalization of the oil industry, Venezuela nationalized its oil industry on 1 January 1976 at the site of Zumaque oilwell 1; this was the birth of Petróleos de Venezuela S. A.. All foreign oil companies that once did business in Venezuela were replaced by Venezuelan companies, such as Lagoven and Llavonen; each of the former concessionaires was substituted by a new'national' oil company, which maintained the structures and functions of its multi-national corporation predecessor.
With the 1976 nationalization, each previous multinational operator was converted into an affiliate of PDVSA. To prevent political uprising from within PDVSA, direct anti-organization clauses were written into the law creating the company. With this absorption, PDVSA became the employer of engineers with comprehensive technical training from the old multinational corporations and promptly took advantage of their newfound expertise. Within 25 years of nationalization, PDVSA would become the largest company in Latin America and the tenth most profitable in the world. In that 25-year span they went from 18 billion barrels to over 80 billion barrels worth of oil reserves, with a similar increase in production capacity. PDVSA's poor post-nationalization performance resulted in Venezuela's opening of the company to global cooperation; the opening up of the Venezuelan oil industry, or Apertura, was
Exxon Mobil Corporation, doing business as ExxonMobil, is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller's Standard Oil Company, was formed on November 30, 1999 by the merger of Exxon and Mobil. ExxonMobil's primary brands are Exxon, Mobil and ExxonMobil Chemical; the world's second largest company by revenue, ExxonMobil from 1996 to 2017 varied from the first to sixth largest publicly traded company by market capitalization. The company was ranked ninth globally in the Forbes Global 2000 list in 2016. ExxonMobil was the tenth most profitable company in the Fortune 500 in 2017; as of 2018, the company ranked second in the Fortune 500 rankings of the largest United States corporations by total revenue. ExxonMobil is one of the largest of the world's Big Oil companies; as of 2007, it had daily production of 3.921 million BOE. In 2008, this was 3% of world production, less than several of the largest state-owned petroleum companies.
When ranked by oil and gas reserves, it is 14th in the world—with less than 1% of the total. ExxonMobil's reserves were 20 billion BOE at the end of 2016 and the 2007 rates of production were expected to last more than 14 years. With 37 oil refineries in 21 countries constituting a combined daily refining capacity of 6.3 million barrels, ExxonMobil is the largest refiner in the world, a title, associated with Standard Oil since its incorporation in 1870. ExxonMobil has been criticized for its slow response to cleanup efforts after the 1989 Exxon Valdez oil spill in Alaska considered to be one of the world's worst oil spills in terms of damage to the environment. ExxonMobil has a history of lobbying for climate change denial and against the scientific consensus that global warming is caused by the burning of fossil fuels; the company has been the target of accusations of improperly dealing with human rights issues, influence on American foreign policy, its impact on the future of nations. ExxonMobil was formed in 1999 by the merger of two major oil companies and Mobil.
Both Exxon and Mobil were descendants of Standard Oil, established by John D. Rockefeller and partners in 1870 as the Standard Oil Company of Ohio. In 1882, it together with its affiliated companies was incorporated as the Standard Oil Trust with Standard Oil Company of New Jersey and Standard Oil Company of New York as its largest companies; the Anglo-American Oil Company was established in the United Kingdom in 1888. In 1890, Standard Oil, together with local ship merchants in Bremen established Deutsch-Amerikanische Petroleum Gesellschaft. In 1891, a sale branch for the Netherlands and Belgium, American Petroleum Company, was established in Rotterdam. At the same year, a sale branch for Italy, Società Italo Americana pel Petrolio, was established in Venice; the Standard Oil Trust was dissolved under the Sherman Antitrust Act in 1892. In 1893, the Chinese and the whole Asian kerosene market was assigned to Standard Oil Company of New York in order to improve trade with the Asian counterparts.
In 1898, Standard Oil of New Jersey acquired controlling stake in Imperial Oil of Canada. In 1899, Standard Oil Company of New Jersey became the holding company for the Standard Oil Interests; the anti-monopoly proceedings against the Standard Oil were launched in 1898. The reputation of Standard Oil in the public eye suffered badly after publication of Ida M. Tarbell's classic exposé The History of the Standard Oil Co. in 1904, leading to a growing outcry for the government to take action against the company. By 1911, with public outcry at a climax, the Supreme Court of the United States ruled that Standard Oil must be dissolved and split into 34 companies. Two of these companies were Jersey Standard, which became Exxon, Socony, which became Mobil. Over the next few decades, Jersey Standard and Socony grew significantly. John Duston Archbold was the first president of Jersey Standard. Archbold was followed by Walter C. Teagle in 1917, who made it the largest oil company in the world. In 1919, Jersey Standard acquired a 50 % share in Humble Refining Co. a Texas oil producer.
In 1920, it was listed on the New York Stock Exchange. In the following years it acquired or established Tropical Oil Company of Colombia, Standard Oil Company of Venezuela, Creole Petroleum Company of Venezuela. Henry Clay Folger was head of Socony until 1923; the growing automotive market inspired the product trademark Mobiloil, registered by Socony in 1920. After dissolution of Standard Oil, Socony had refining and marketing assets but no production activities. For this reason, Socony purchased a 45% interest in Magnolia Petroleum Co. a major refiner and pipeline transporter, in 1918. In 1925, Magnolia became wholly owned by Socony. In 1926, Socony purchased General Petroleum Corporation of California. In 1928, Socony joined the Turkish Petroleum Company. In 1931, Socony merged with Vacuum Oil Company, an industry pioneer dating back to 1866, to form Socony-Vacuum. In the Asia-Pacific region, Jersey Standard has established through its Dutch subsidiary an exploration and production company Nederlandsche Koloniale Petroleum Maatschappij in 1912.
In 1922, it found oil in Indonesia and in 1927, it built a refinery in Sumatra. It had oil production and refineries but no marketing network. Socony-V
The Blackstone Group
The Blackstone Group L. P. is an American multinational private equity, alternative asset management and financial services firm based in New York City. As the largest alternative investment firm in the world, Blackstone specializes in private equity and hedge fund investment strategies. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last decade, while its real estate business has acquired commercial real estate. Since its inception, Blackstone has invested in such notable companies as Hilton Worldwide, Merlin Entertainments Group, Performance Food Group, EQ Office, Republic Services, AlliedBarton, United Biscuits, Freescale Semiconductor and Travelport. Blackstone was founded in 1985 as a mergers and acquisitions boutique by Peter G. Peterson and Stephen A. Schwarzman, who had worked together at Lehman Brothers. Since Blackstone has become the world's largest private equity investment firm. In 2007, Blackstone became a public company via a $4 billion initial public offering to become one of the first major private equity firms to list shares in its management company on the public stock market.
Blackstone is headquartered at 345 Park Avenue in Manhattan, New York City, with eight additional offices in the United States, as well as offices in London, Dublin, Düsseldorf, Sydney, Hong Kong, Beijing, Shanghai and Dubai. As of 2019, the company's total assets under management were US$470 billion dollars; the Blackstone Group was founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman with $400,000 in seed capital; the founders named their firm "Blackstone", a cryptogram derived from the names of the two founders: "Schwarz" is German for "black". The two founders had worked together at Lehman Brothers. At Lehman, Schwarzman served as head of Lehman Brothers' acquisitions business. Prominent investment banker Roger C. Altman, another Lehman veteran, left his position as a managing director of Lehman Brothers to join Peterson and Schwarzman at Blackstone in 1987, but left in 1992 to join the Clinton Administration as Deputy Treasury Secretary. Blackstone was formed as a mergers and acquisitions advisory boutique.
Blackstone advised on the 1987 merger of investment banks E. F. Hutton & Co. and Lehman Brothers, collecting a $3.5 million fee. From the outset in 1985, Schwarzman and Peterson planned to enter the private equity business, but had difficulty in raising their first fund because neither had led a leveraged buyout. Blackstone finalized fundraising for its first private equity fund in the aftermath of the October 1987 stock market crash. After two years of providing advisory services, Blackstone decided to pursue a merchant banking model after its founders determined that many situations required an investment partner rather than just an advisor; the largest investors in the first fund included Prudential Insurance Company, Nikko Securities and the General Motors pension fund. Blackstone ventured into other businesses, most notably investment management. In 1987 Blackstone entered into a 50–50 partnership with the founders of BlackRock, Larry Fink and Ralph Schlosstein; the two founders, who had run the mortgage-backed securities divisions at First Boston and Lehman Brothers initially joined Blackstone to manage an investment fund and provide advice to financial institutions.
They planned to use a Blackstone fund to invest in financial institutions and help build an asset management business specializing in fixed income investments. As the business grew, Japanese bank Nikko Securities acquired a 20% interest in Blackstone for a $100 million investment in 1988. Nikko's investment allowed for a major expansion of its investment activities; the growth firm recruited politician and investment banker David Stockman from Salomon Brothers in 1988. Stockman had a mixed record with his investments, he left Blackstone in 1999 to start his own private equity firm, Heartland Industrial Partners, based in Greenwich, Connecticut. The firm advised CBS Corporation on its 1988 sale of CBS Records to Sony to form what would become Sony Music Entertainment. In June 1989, Blackstone acquired CNW Corporation; that same year, Blackstone partnered with Salomon Brothers to raise $600 million to acquire distressed thrifts in the midst of the savings and loan crisis. As the 1990s began, Blackstone continued its expansion into new businesses.
In 1990, Blackstone launched its fund of hedge funds business intended to manage investments for Blackstone senior management. In 1990, Blackstone extended its ambitions to Europe, forming a partnership with J. O. Hambro Magan in the UK and Indosuez in France. In 1991, Blackstone created its Europe unit to enhance the firm's presence internationally. In 1991, Blackstone launched its real estate investment business with the acquisition of a series of hotel businesses under the leadership of Henry Silverman. In 1990, Blackstone and Silverman acquired a 65% interest in Prime Motor Inn's Ramada and Howard Johnson franchises for $140 million, creating Hospitality Franchise Systems as a holding company. In October 1991, Blackstone and Silverman added Days Inns of America for $250 million. In 1993, Hospitality Franchise Systems acquired Super 8 Motels for $125 million. Silverman would leave Blackstone to serve as CEO of HFS, which would become Cendant Corporation. Blackstone made a number of notable investments in the early and mid-1990s, including Great Lakes Dredge and Do
Port of Paulsboro
The Port of Paulsboro is located on the Delaware River and Mantua Creek in and around Paulsboro, in Gloucester County, New Jersey, US 78 miles from the Atlantic Ocean. Traditionally one of the nation's busiest for marine transfer operations, notably for crude oil and petroleum products, such as jet fuel and asphalt, it is a port of entry with several facilities within a foreign trade zone. A part of the port is being redeveloped as an adaptable deep water omniport able to handle a variety of bulk and break bulk cargo, as well as shipping containers, it is targeted to become a manufacturing/assembly center for wind turbines for the development of wind power in New Jersey and other offshore wind power projects along the East Coast of the United States. The Paulsboro Marine Terminal, as it is known, is owned by the South Jersey Port Corporation and operated by Holt Logistics; the first ship to call at the port, the Doric Warior, carrying steel for NLMK, arrived March 3, 2017, marking the opening of the new facility.
The Port of Paulsboro is one of several in the Delaware Valley metro area and is situated on the east banks of the Delaware River in Gloucester County, New Jersey across from Philadelphia International Airport. The 96-acre site of Fort Billingsport was the first land purchase by the United States government, made by the Continental Congress on July 5, 1776; the port was first developed to handle petroleum products in 1917 by the Vacuum Oil Company. The Port of Paulsboro has been used to refer to the marine transfer operations at Thompson Point in Greenwich Township, Billingsport, Mantua Creek, Eagle Point in West Deptford, Westville, it is a port of entry in United States Citizenship and Immigration Services District 21, which covers New Jersey. The Delaware River is tidal at Paulsboro, about 78 miles from the Atlantic Ocean at the entrance to the Delaware Bay. Since 1942, the Delaware River Main Channel has been maintained at a depth of 40 feet. A 102.5-mile stretch of the federal navigation shipping channel is being deepened to 45 feet from the Port of Camden and Port of Philadelphia to the bay, with a 2017 projected completion date.
Local pilotage is required for larger commercial vessels. Anchorage No. 9 is in the vicinity of the mouth of Mantua Creek, to which the river channel is 30 feet. Tinicum Island Rear Range Light and Tinicum Front Range Light, known as the Billingsport Front Light, are a pair of range lights serving the downstream reach of the port; these front and rear range lighthouses guide sailors who, by aligning the two lights and keeping one light on top of the other, stay in the channel's center and avoid Little Tinicum Island. The rear light is listed on the state and federal registers of historic places; the port is located near New Jersey Route 44 and Interstate 295. Rail service on different spurs of the Penns Grove Secondary is within the South Jersey/Philadelphia Shared Assets Area of Conrail, which operates a rail yard along the line for owners CSX Transportation and Norfolk Southern Railway. SMS Rail Lines handle transfers at parts of the port; as of 2010, crude oil accounted for more than half of all annual cargo tonnage on the Delaware River.
Several refineries and oil depots in Paulsboro, Greenwich Township, West Deptford have operated at the port since the first was developed in 1917. At various times, Mobil, BP, Sun Oil, Valero, PBF Energy, NuStar Energy have maintained facilities adjacent to the port, as has General American Transportation Corporation. In addition to maritime transfer operations, the petroleum facilities are served by tanker trucks, rail transport, pipelines, including one to the Philadelphia Airport across the river and one to nearby junction with the Colonial Pipeline system; the Paulsboro Refinery is a 950-acre facility abutting Paulsboro in adjacent Gibbstown and processes medium-to-heavy sour crude oils to produce unbranded gasoline, heating oil, jet fuel. It is one of only two facilities on the East Coast able to process petroleum coke, it became a Special Purpose Subzone 142A of Foreign Trade Zone No. 142 in 1995. In 1998, Valero Energy Corporation purchased the facility from Mobil and in 2010 sold it to PBF with backing from Blackstone Group and First Reserve Corporation.
Construction of a new tanker berth was completed in 2010 by Weeks Marine. The Eagle Point Refinery in the Eagle Point section West Deptford was a 1,000-acre oil refinery that had once been a tomato-processing factory and became a U. S. Army munitions depot during World Wars I and II; the property was acquired by Texaco and began refining operations in 1949. It was purchased by Coastal Oil in May 1985 and in 1997 became foreign trade Special Purpose Subzone 142C. In January 2004, it was bought by Sunoco, which announced its permanent closure in 2010; the plant is being disassembled by 2015. Its adjacent tank farm, with tanker truck, rail and marine transfer operations, remain active; the Paulsboro Terminal started as an oil depot during World War I. In 1929, Patterson Oil further developed the property as an oil fueling terminal. Eastern Gas & Fuels completed the terminal expansion, it sold the terminal in 1960 to Sinclair Refining Corporation. In 1969, after Sinclair and Atlantic Richfield Company merged, BP bought the property.
The 130-acre facility stopped operations in 1996 and is being redeveloped as part of the new omniport. The Citgo Asphalt Refining Company asphalt refinery on the east side of Mantua Creek was purchased by NuStar Energy in 2007, it became foreign trade Special Purpose Subzone 142B in 1996. NuStar owned a s