US federal agents raid Houston fuel distribution, trading firm

24 July 2012 18:23  [Source: ICIS news]

HOUSTON (ICIS)--US federal agents on Tuesday served warrants at a Houston-based fuels distribution and trading company with biofuels connections.

Agents with the US Department of Justice were seen inside the Houston office of Fuel Streamers Group USA, a fuels distribution and trading company. An agent at the site referred questions to a public information officer with the US Department of Justice in Washington.

According to its website, Fuel Streamers' operations are located in north Houston. The company's website said it has more than 250,000 bbl (40m litres) in the Houston area and is serviced by the Teppco pipeline.

The company’s product portfolio includes biodiesel, fuel ethanol, ultra low sulphur diesel, jet fuel and other items. The company did not immediately reply to a request for more information.

Philip Rivkin is listed as the CEO of Fuel Streamers Group, according to Texas state records.

Rivkin is also CEO of  Green Diesel, which is under investigation by the Environmental Protection Agency (EPA) for allegations of generating more than 60m invalid Renewable Identification Numbers (RINs).

RINs serve as credits for the production and blending of renewable fuels. The EPA served Rivkin with a notice of violation on 30 April.

The 60m invalid RINs had a market value of $85m (€70m), according to media accounts.

The US is involved in a crackdown on false RINs.

The US last week arrested the head of another company it accused of selling more than $50m worth of fraudulent biodiesel credits.

Additional reporting by Al Greenwood

($1 = €0.82)

By: Brian Ford
+1 713 525 2653

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