August 9, 2012 [Daily Markets] - Signs Agreement to Secure Onshore Fuel Oil Storage Capacity in Port of Barcelona; Company Plans to Commence Physical Supply Operations by the End of Q1 2013.
Aegean Marine Petroleum Network Inc. today announced that it has signed a definitive agreement with Meroil, a Barcelona-based oil and energy logistics company, which among other activities, operates the largest Spanish coastline terminal for petroleum products in the Port of Barcelona, to secure onshore fuel oil storage capacity in that terminal.
In addition, the Company plans to establish a new service center and commence physical supply operations in Barcelona by the end of the first quarter of 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.
The port of Barcelona is ideally located in the West Mediterranean and is poised for significant growth.
We intend to build market share by capitalizing on our leading reputation for providing an integrated solution for the supply and delivery of marine fuel on a worldwide basis and leveraging our extensive customer relationships. As we remain focused on expanding our geographical portfolio in a cost-effective manner and taking advantage of our scalable logistics infrastructure, we expect to further strengthen Aegean’s global brand recognition and increase the Company’s future earnings potential.”
