Aegean Marine Petroleum Network Inc. (Aegean) announced that it is expanding its global network of marine fuel service centres with the acquisition of Portland Bunkers International's (PBI) marine fuel terminal.
Bunkering recently ceased at Portland on the UK's south coast after the withdrawal of BP Marine, which had looked after product sourcing and bunker sales under a joint venture with terminal operator PBI.
Aegean said it intends to deploy two bunkering tankers to Portland Harbour with a view to increase fuel sales volumes in this market.
Recent sales out of Portland had been around 20,000 metric tonnes (mt) a month, PBI's terminal operations manager Neil Price told Bunkerworld last month.
In addition to other products Aegean provides, the company said it will offer low sulphur marine fuels at its new service centre, which is located near the southern entry point of North Sea Sulphur Emission Control Area (SECA).
E. Nikolas Tavlarios, President, commented, "With our acquisition of Portland Bunkers International, Aegean has once again capitalised on an attractive opportunity to expand our global network of marine fuel service centres for the third time in 2007."
He said Aegean's acquisition of PBI would complement its recent acquisition of Belgium-based Bunkers at Sea, an offshore supplier of marine fuel in the North and Irish Seas, the French Atlantic, the English Channel and St. George Channel.
Buying PBI "will further increase our strategic presence in Northwest Europe along the English Channel, one of the most important seaborne trade routes in the world," Tavlarios observed.
The company highlighted Portland's strategic position along the English Channel, providing sheltered bunkering conditions for nearly all types of vessels with minimum deviation.
The acquisition of PBI has been financed through Aegean's senior secured credit facility according to Ziad Nakhleh, Chief Financial Officer.
Nakhleh stated that the company expected this latest acquisition to contribute to earnings during fiscal 2008.
Aegean as embarked on an global expansion of its physical supply network, and now offers marine fuels in Greece, Gibraltar, Singapore, the United Arab Emirates, Northern Europe and Jamaica.
Tavlarios said the company expected to commence operations by the end of the year at its new service centre in West Africa.
He also noted that the acquisition of PBI meant Aegean would exceed its previously announced target for the number of new service centres it would open in 2007.
Bunkering recently ceased at Portland on the UK's south coast after the withdrawal of BP Marine, which had looked after product sourcing and bunker sales under a joint venture with terminal operator PBI.
Aegean said it intends to deploy two bunkering tankers to Portland Harbour with a view to increase fuel sales volumes in this market.
Recent sales out of Portland had been around 20,000 metric tonnes (mt) a month, PBI's terminal operations manager Neil Price told Bunkerworld last month.
In addition to other products Aegean provides, the company said it will offer low sulphur marine fuels at its new service centre, which is located near the southern entry point of North Sea Sulphur Emission Control Area (SECA).
E. Nikolas Tavlarios, President, commented, "With our acquisition of Portland Bunkers International, Aegean has once again capitalised on an attractive opportunity to expand our global network of marine fuel service centres for the third time in 2007."
He said Aegean's acquisition of PBI would complement its recent acquisition of Belgium-based Bunkers at Sea, an offshore supplier of marine fuel in the North and Irish Seas, the French Atlantic, the English Channel and St. George Channel.
Buying PBI "will further increase our strategic presence in Northwest Europe along the English Channel, one of the most important seaborne trade routes in the world," Tavlarios observed.
The company highlighted Portland's strategic position along the English Channel, providing sheltered bunkering conditions for nearly all types of vessels with minimum deviation.
The acquisition of PBI has been financed through Aegean's senior secured credit facility according to Ziad Nakhleh, Chief Financial Officer.
Nakhleh stated that the company expected this latest acquisition to contribute to earnings during fiscal 2008.
Aegean as embarked on an global expansion of its physical supply network, and now offers marine fuels in Greece, Gibraltar, Singapore, the United Arab Emirates, Northern Europe and Jamaica.
Tavlarios said the company expected to commence operations by the end of the year at its new service centre in West Africa.
He also noted that the acquisition of PBI meant Aegean would exceed its previously announced target for the number of new service centres it would open in 2007.