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Press Release
Aegean Marine Petroleum Network Inc. Release date: November 1, 2007
Aegean Marine Petroleum Network Inc. Acquires Portland Bunkers International Ltd. Creates Presence in United Kingdom by Acquiring Terminal; Acquisition Represents Company's Third New Marine Fuel Service Center in 2007
PIRAEUS, Greece, Nov. 1 / -- Aegean Marine Petroleum Network Inc. (NYSE:ANW), an international marine fuel logistics company that markets and physically supplies marine fuel and lubricants, today announced that it is expanding its global network of marine fuel service centers with the acquisition of Portland Bunkers International's (PBI) marine fuel terminal, previously operated by BP Marine.
Located in Portland Harbor along a busy shipping route on the English Channel, PBI provides convenient access for commercial vessels to refuel with the least en route deviation among bunkering ports in the region. Portland Harbor serves as one of the largest man-made ports in the world, originally designed to shelter and service the British Royal Navy, and offers ideal bunkering conditions for nearly all types of vessels. PBI's bunkering facility includes four in-land dedicated storage tanks and a state-of-the-art technological control room with remote operations. Aegean intends to deploy two bunkering tankers to Portland Harbor to enhance the Company's ability to increase fuel sales volumes in this market. In addition to other products Aegean provides, the Company will offer low sulphur marine fuels at this service center as it is located near the southern access of the North Sea Sulphur Emission Control Area (SECA).
E. Nikolas Tavlarios, President, commented, "With our acquisition of Portland Bunkers International, Aegean has once again capitalized on an attractive opportunity to expand our global network of marine fuel service centers for the third time in 2007. Building upon our expansion plans into Ghana and entrance into Belgium earlier this year, this acquisition will further increase our strategic presence in Northwest Europe along the English Channel, one of the most important seaborne trade routes in the world. By focusing on the strong UK market, our acquisition of PBI will complement our recent acquisition of 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. Consistent with our goal to expand our global network for the physical supply of marine fuel, this acquisition will exceed our target number of new service centers for 2007 as we strengthen our leadership position for the worldwide delivery of marine fuels in Greece, Gibraltar, Singapore, the United Arab Emirates, Northern Europe, the UK, two ports in Jamaica, Kingston and Ocho Rios, and West Africa, where we expect to commence operations by the end of the year."
Ziad Nakhleh, Chief Financial Officer, stated, "The acquisition of PBI, which has been financed through our senior secured credit facility, reflects our financial strength and prudent approach to expanding our marine fuel logistics infrastructure. This acquisition meets our strict long-term return criteria and is expected to be accretive to earnings during fiscal 2008. By further expanding our integrated supply model in Northwest Europe, Aegean has enhanced its ability to meet the growing demand for a global and comprehensive marine fuel solution."
About Aegean Marine Petroleum Network Inc. Aegean Marine Petroleum Network Inc. is a marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. As a physical supplier, the Company purchases marine fuel from refineries, major oil producers and other sources. The Company sells and delivers these fuels to a diverse group of ocean-going and coastal ship operators and marine fuel traders, brokers and other users through its service centers in Greece, Gibraltar, Singapore, Jamaica, the United Arab Emirates, Belgium and the United Kingdom, and plans to commence physical supply operations in its recently established service center in Ghana by the end of the year.
FCMN Contact: mcimini@igbir.com
Source: Aegean Marine Petroleum Network Inc.
CONTACT: Ziad Nakhleh, Chief Financial Officer, (011) 30-210-458-6200, znakhleh@ampni.com,
or E. Nikolas Tavlarios, President, +1-212-763-5659, ntavlarios@ampni.com;
Investors: Leon Berman, Principal of The IGB Group, +1-212-477-8438
Web site: http://www.ampni.com/ |
