Aegean Marine Petroleum Network Inc. Launches New Lubricant Service
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Company to Complement Existing Marine Fuel Services with Exclusive Line of Own-Brand Lubricants; New Service to be Available Worldwide
PIRAEUS, Greece, Oct. 17 / -- Aegean Marine Petroleum Network Inc. (NYSE:ANW), an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea, today announced that it has launched Alfa Marine Lubricants, the Company's own-brand line of lubricants that it intends to market and distribute globally.
The Alfa line of lubricants uses only non-recycled, mineral-based oils and meets stringent engine manufacturer specifications that exceed the requirements of many original engine manufacturers (OEMs). As a manager of the marine fuel supply chain from procurement to delivery, Aegean is positioned to become the first fully independent supplier of marine lubricants, a market traditionally led by major oil companies. Currently, Alfa Marine Lubricants are available in Aegean service centers based in Greece and Singapore, two major global ports. Management plans to roll out the branded lubricants throughout the Company's network of service centers worldwide and to further expand distribution of the brand to the top 20 bunkering ports worldwide.
E. Nikolas Tavlarios, President, commented, "Our new lubricant service is a natural extension for Aegean. Consistent with the company's strategy to physically supply marine fuel, our high-quality, branded line of lubricants will provide added value to our customers and further enhance Aegean's leading reputation as a full-service logistics company. Through our well-funded growth plan, we continue to take advantage of the large number of seaborne vessels currently under construction for the world fleet and are positioning ourselves to capitalize on our role as the first independent global retailer of lubricants."
Mr. Tavlarios added, "We plan to grow in the 600-million-gallon annual world ship lubricant business by leveraging Aegean's market and technical expertise as well as the Company's strong customer relationships throughout our expanding global service center network. By seamlessly integrating our new lubricant service into our existing operating platform, management will remain committed to providing innovative solutions for customers and driving shareholder value."
About Aegean Marine Petroleum Network Inc.
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. As a physical supplier, the Company purchases marine fuel from refineries, major oil producers and other sources. Through its service centers in Greece, Gibraltar, Singapore, Jamaica, the United Arab Emirates, West Africa and Northern Europe, 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.
CONTACT: E. Nikolas Tavlarios, President, +1-212-763-5659, ntavlarios@ampni.com;
Web site: http://www.ampni.com/
