Wall Street firm Blue Owl backs Trump-touted Freedom Fuel chain
A White House-promoted gas chain selling cut-rate fuel is largely backed by Blue Owl Capital and operated by individuals with substantial civil fraud judgments, raising significant corporate governance questions.
The Freedom Fuel Network, a 25-station chain selling gasoline at $3.47 per gallon, has drawn high-profile promotion from President Donald Trump and the White House just ahead of the July 4 holiday. However, the venture's corporate structure reveals a complex web of investors and operators rather than a straightforward retail disruption.
Blue Owl Capital owns roughly a third of the Freedom Fuel properties. The White House denied President Trump had a personal connection to the venture or provided funding, though he previously held up to $25 million in Blue Owl stock. The investment firm stated it merely leases the sites to independent contractors and is not involved in business decisions.
Operational control of the chain rests heavily with Shamikh and Syed Kazmi, brothers who control 14 of the 25 locations. Shamikh Kazmi leases eight stations directly from Blue Owl, according to state records. A White House official claimed no one in the administration spoke with Syed Kazmi, implying discussions occurred with his brother.
The involvement of the Kazmi brothers presents notable financial and legal risks. A federal judge in New Jersey ordered them in February to pay over $600,000 to a fuel supplier after finding they unlawfully took more than 230,000 gallons of gasoline. Syed Kazmi also faces a separate $380,000 judgment from 7-Eleven related to missing inventory, while a company operated by Shamikh Kazmi was held in contempt in a 2022 BP trademark dispute.
The network was registered in Delaware in late June by Randy Brown, an NFL special teams coach and former New Jersey mayor, and Yoni Gontownik, a former investment director at commodities trader Mercuria. Neither individual responded to requests for comment. The venture's website currently lacks basic contact information.
From a market perspective, the chain's pricing model appears unsustainable. “It’s not unusual for retailers to have prices that are different than a market when they’re looking to make a splash,” said Jeff Lenard, a spokesman for the National Association of Convenience Stores. He noted such tactics typically last “a matter of hours or a matter of days,” and prices at some locations are already rising.
