Aegean Marine Petroleum Network and SK Lubricants sign an agreement that will allow Aegean to increase its sales volumes in the marine lubricants market and SK Lubricants to extend its global sales network.
Under the global cooperation agreement between the companies, Aegean will supply and deliver marine lubricant products to customers of SK Lubricants in the Aegean lubricants network, which currently covers 45 countries and 550 ports worldwide, and SK Lubricants will provide Aegean's customers in South Korea with marine lubricant products.
E. Nikolas Tavlarios, President, commented, "Our agreement with SK Lubricants will allow Aegean to expand sales volumes for our marine lubricants and further extend our presence in the Asian market. The marine lubricants market, although a smaller business for our company, continues to yield high operating margins and is a highly profitable revenue stream. This agreement demonstrates our continued success in executing our strategy to further diversify our revenue base and drive growth by leveraging our existing infrastructure. We are excited about the opportunity to expand our lubricants sales volumes, which will allow us to increase profitability and create value for our shareholders."
Kwan Ho Choi, SK Lubricants CEO & President, commented, "We are pleased to expand our global supply capabilities through this cooperation agreement with Aegean. By accessing Aegean's strategic marine lubricants network in major markets, we will have the capacity to expand our global reach and meet and exceed the needs of our customers worldwide."
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in 20 markets.