Petroleum Network Inc. an international marine fuel logistics company
that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea, today announced that it plans to launch a new service center located
on the Gulf of Guinea in West Africa during the fourth quarter of 2007, expanding the Company's global network of marine fuel service centers.
The company also announced it has entered into an agreement to purchase a 1985-built 83,890 dwt double-hull Aframax tanker from an unaffiliated third party that it intends to use as floating storage in the Company's new service center in West Africa. The vessel is expected to be delivered on or about the first week of October 2007, when it will be renamed the Leader.