Online Marketplace AllSurplus Partners with Aaron Industrial Solutions to Sell Portuguese Oil Refinery

Rhea-AI Summary

Liquidity Services (NASDAQ:LQDT) has partnered with Aaron Industrial Solutions to auction a closed oil refinery in Portugal, which has a capacity of 110,000 barrels per day and spans approximately 716 acres. This project aims to meet rising demand for oil and gas amid recent shortages due to geopolitical tensions and refinery closures. The initiative emphasizes sustainability by prolonging the life of existing equipment, reducing the need for new manufacturing, and mitigating environmental impacts. For more details, visit AllSurplus.com.

Positive

• Partnership with Aaron Industrial Solutions enhances Liquidity Services' asset liquidation capabilities.
• Auctioning a 110,000-barrel per day oil refinery addresses demand amid global supply shortages.
• Emphasis on sustainability by keeping assets in circulation and reducing carbon emissions.

Negative

• None.

Refinery Equipment Will Help Fill Gap Created by New Demand

BETHESDA, Md., Jan. 4, 2023 /PRNewswire/ -- Liquidity Services (NASDAQ:LQDT), a leading global commerce company powering the circular economy, has partnered with Aaron Industrial Solutions (AIS), a global equipment auction, liquidation, and asset management company, to sell a closed, 110,000-barrel-per-day, 290-hectare (~716-acre) oil refinery in Portugal on AllSurplus.com, the world's leading online marketplace for business surplus assets.

"We are proud to have earned the trust of the refinery owners and to have been appointed to dispose of these surplus assets," said AIS Managing Director Peder Grimstrup. "We have a responsibility towards society and the environment, and the closure of this refinery will be carried out under the premise of sustainability."

Many refineries have closed in recent years, as the world transitions to more sustainable energy options. However, demand for oil and gas has surged most recently due to shortages created by the war in Ukraine and the closure of many refineries. Refiners worldwide are struggling to fill production gaps and need equipment that today's disrupted supply chain cannot meet.

"Keeping assets like these in circulation and extending their life is a win for our client, refiners, and the environment," said Liquidity Services' Vice President, Business Development Trey Valentino. "By removing the need to strip parts for scrap metal or extract raw materials to manufacture new equipment, we're able to help offset carbon emissions and environmental degradation."

For more information about this project and the available refinery equipment, go to AllSurplus.com. For more about Aaron Industrial Solutions, visit AaronIndustrialSolutions.com. To learn more about Liquidity Services, visit LiquidityServices.com. View the press kit here.

About AllSurplus
AllSurplus is the world's leading online marketplace for business surplus ranging from heavy equipment to transportation and industrial machinery. AllSurplus sellers can directly launch and manage their listings in just days with more control and lower fees than traditional auction solutions. AllSurplus is powered by one of the most experienced and trusted companies in the surplus industry: Liquidity Services (NASDAQ: LQDT), which supports millions of customers across the globe. AllSurplus buyers have direct access to surplus assets across the Liquidity Services' network of marketplaces in one centralized location.

About Aaron Industrial Solutions
Aaron Industrial Solutions offers industrial equipment auctions, liquidation sales, and asset management services to businesses needing to liquidate or transfer their surplus assets. With more than 80 years of experience in the buying and selling of industrial assets in all verticals, AIS works with its channel partners to provide onsite and online auction events, liquidations, private treaty sales and other creative ways to maximize and monetize surplus assets.

CONTACT: Melissa Whitworth, melissa@lightspeedpr.com

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SOURCE Liquidity Services

FAQ

What is the significance of the partnership between Liquidity Services and Aaron Industrial Solutions?

The partnership allows Liquidity Services to enhance its asset liquidation capabilities, particularly in the oil and gas sector.

How does the refinery auction relate to current market conditions?

The auction responds to increased oil and gas demand amid global shortages, especially due to geopolitical events.

What is the capacity of the oil refinery being auctioned by Liquidity Services?

The refinery has a capacity of 110,000 barrels per day.

When was this partnership announced?

The partnership was announced on January 4, 2023.

Where can I find more information about the refinery equipment auction?

More information can be found at AllSurplus.com.