ACE Petroleum, a certified Minority Business Enterprise founded by Moses Shepherd, has just found its way into the annals of Detroit’s history. The supplier that offers fueling solutions to government-run businesses and other entities has just secured a multimillion-dollar deal to operate as the fuel carrier of choice for the Detroit transportation system.
The founder and CEO shared his perspective on the achievement with Black Business, referring to it as “a major milestone.”
“We’ve worked hard for two years to grow our competencies, quality metrics and infrastructure to service large municipalities and compete on a national level,” Shepherd said. “The city’s confidence in our abilities to deliver the comprehensive fuel services needed to support, protect and serve Detroiters is rewarding and validates our efforts.”
Shepherd has entered a niche in which there is limited competition among minority competitors. According to a 2017 report by the U.S. Labor Department, less than ten percent of Blacks hold positions in the oil and gas trade. However, those numbers are now showing an uptick, as noted in a recent report by Amsterdam News.
Shepherd entered the petroleum business in the late 1980s, when he managed a Detroit fuel distribution company. After working in real estate and establishing Ace Investment Group, LLC, he went on to establish ACE Petroleum in 2016. From real estate to petroleum, Shepherd is transforming the entrepreneurial ecosystem, and reinvesting in the heart of Michigan in the process.