Aegean Marine Petroleum Network Inc. plans expansion in Barcelona, contracts with Meroil for onshore fuel oil storage.
Aegean Marine Petroleum Network has signed an agreement to secure onshore fuel oil storage capacity in Port of Barcelona and plans to start supply operations by the end of Q1 2013.
The port of Barcelona serves as a key transportation hub located along major seaborne trade routes, totalling approximately 10,000 transits per year and generating approximately 1.2 million metric tons of annual marine fuel sales volumes. The port, which also benefits from extensive cruise passenger travel, is currently undergoing a modernization and expansion plan headed by the Barcelona Port Authority that is expected to substantially increase the port's capacity upon completion in 2014.
The onshore fuel oil storage capacity secured by Aegean totals approximately 50,000 cubic meters. Complementing its access to onshore storage in the port of Barcelona, Aegean intends to provide retail bunkering services to all major shipping sectors as well as leading cruise lines, in port and at sea.
E. Nikolas Tavlarios, President, commented, "We are excited to expand our global presence by establishing operations in Barcelona. This new and attractive market provides Aegean with compelling growth opportunities as we seek to increase the utilization of our large and modern delivery fleet following the completion of our newbuild program earlier this year."