WEX Set To Manage Fleet Fuel Card Program Of Valero Energy
Zacks Investment Research | Dec 18, 2019 07:53AM ET
WEX Inc. (NYSE:WEX) recently announced that it will be managing proprietary fleet fuel card program of Valero Energy (NYSE:VLO) .
Valero is the largest global independent refiner that operates 15 petroleum refineries with a capacity of around 3.1 million barrels per day. The Fortune 50 company supplies more than 5,000 branded fuel stations across the United States.
The partnership that aims at enhancing the technology and service of the fleet fuel card program, including the introduction of mobile payments, will be fully implemented by Apr 1, 2020. It builds on the duo’s existing card acceptance partnership.
Brian Fournier, senior vice president of Global Fleet Partners at WEX stated, ”This relationship positions us to help Valero grow commercial volume by providing best-in-class technology, sales and marketing to Valero’s commercial programs, offering its fleet card customers a number of services and conveniences they have not had in the past."
The move appears to be part of Wex’s efforts to build an extensive network of partners so that it can make most of the market opportunities. The company’s shares have charted a solid trajectory in recent times, appreciating 46.7% year to date compared with the 45.3% growth of the Zacks Investment Research
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