CRAINS New York Business: John Catsimatidis

Billionaire John Catsimatidis is pouring cash into energy holdings, including a Brooklyn biofuel plant.

CRAINS New York Business

Last month, his United Metro Energy Corp. purchased Direct Energy Business’ heating-oil holdings in New York City, giving Mr. Catsimatidis ownership of 700 commercial and residential contracts to supply 8,000 locations—a package said to be worth more than $500 million.

The seller was Hess Corp., the $40 billion oil and natural-gas giant headquartered in New York that is getting out of the retail end of the business. Mr. Catsimatidis wouldn’t disclose the price he paid, citing a confidentiality agreement with the sellers. A spokeswoman for Direct Energy confirmed the sale but declined to disclose the price[]

Read more here: