Aegean Expansion Plans in Morocco

Thursday, January 08, 2009

Aegean Marine Petroleum Network Inc. (NYSE:ANW) announced that Horizon Tangiers Terminal S.A. (HTTSA), a special purpose consortium, has named Aegean as the exclusive bunkering company for the new port in Tangiers, Morocco. The agreement is scheduled to become effective in January 2009 upon completion of final documentation.

The appointment of Aegean by HTTSA is a part of the consortium's effort to expand the modern port in this growing region. Currently, the port serves approximately 7,000 vessels on an annual basis and is expected to increase to more than 10,000 vessels annually in 2010. Aegean will provide retail bunkering services to ships in port on an exclusive basis for a period of 25 to 35 years. Aegean will also have the right to expand its operation beyond the port perimeter, which is strategically located along the Strait of Gibraltar connecting the Atlantic Ocean to the Mediterranean Sea.

E. Nikolas Tavlarios, President, commented, "We are excited to have been appointed by HTTSA to serve as the exclusive, long-term bunkering company in the port of Tangiers upon conclusion of a competitive selection process. By once again entering a new strategic market, Aegean will further strengthen its leading position as an independent supplier of marinefuel on a global basis. The port of Tangiers serves as an attractive gateway to the vast Mediterranean and North African regions and is well positioned for future growth. As Tangiers continues to expand into a major transportation hub serving important shipping routes, we expect to enhance our ability to meet the burgeoning demand for our bunkering services and significantly increase sales volumes."

Mr. Tavlarios added, "We expect to commence operations in the first quarter 2009 upon receiving the necessary trading, bunkering, and environmental licenses required by the local authorities. Going forward, we intend to draw upon our considerable financial strength and capitalize on additional expansion opportunities that complement our existing platform and drive long-term shareholder value."

(www.ampni.com)

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Odfjell Drilling in Tighter 2Q North Sea Market

Odfjell Drilling reports second quarter 2014 financial results showing a profit of US$29-million. Profit & loss Q2 2014 Operating revenue for Q2 2014 was USD 272 million (USD 289 million),

Brazil AHTS Contract Breakthrough for Havyard

Havyard says it is to deliver the ship design and equipment for four anchor handling tug supply (AHTS) vessels that are to be built and operated by the Brazilian

Darwin, Australia Scene of KAKADU Exercise Planning

Over 1,200 military personnel from the Asia Pacific and Indian Ocean regions have completed collaborative, tactical warfare planning during the first week of the

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1627 sec (6 req/sec)