Vivakor Inc (NASDAQ:VIVK) announced it has formed a new business unit focusing on petroleum marketing operations, Vivakor Supply & Trading (VST).
The company expects VST to bolster its operations, diversify revenue streams and manage market risk at its Delhi, Louisiana and Colorado City, Texas facilities through petroleum marketing activities.
It added that VST’s marketing operations will complement the activities of Endeavor Entities, upon the closing of Vivakor’s acquisition of the firm.
Vivakor CEO James Ballengee described the move as “an opportunity to create a more diversified and profitable company.”
"VST's marketing efforts will focus on maximizing performance of existing facilities and complementing the company's planned mergers and acquisitions," Ballengee said.
"Capitalizing upon available marketing opportunities and exposure compliments our existing facilities, our planned mergers and acquisitions, and gives us opportunities to capture more of the value chain and manage commodity market risk around those assets."