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Aegean Marine Petroleum Inc. Completes Acquisition Of Hess Corporation’s U.S. East Coast Bunkering B
Aegean Marine Petroleum Network Inc. (NYSE: ANW) (“Aegean” or the “Company”) today announced the completion of the previously announced acquisition of the U.S. East Coast bunkering business of Hess Corporation (NYSE: HES). The transaction, which includes bunkering operations that averaged 1.8 million metric tons in annual sales over the past three years, is valued at $30 million plus the value of the purchased inventory and also includes approximately 250,000 cubic meters of leased tank storage. This acquisition marks Aegean’s entry into supplying customers in the U.S. and will enable Aegean to meaningfully expand its global full-service marine fuel platform and increase its exposure to U.S. clients worldwide, including leading cruise lines. Aegean expects to utilize these bunkering operations and associated assets to supply the heavily trafficked ports of New York, Philadelphia, Baltimore, Norfolk and Charleston. “The completion of this acquisition marks another important milestone in Aegean’s history,” said E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network. “Our strategy to leverage our unique business model across geographies to accelerate profitable growth is continuing to deliver results. By utilizing Hess Corporation’s established infrastructure, we believe we are well positioned to optimize these assets, grow Aegean’s revenues and further build upon our brand and service capabilities as we extend our reach to new U.S. clients. We believe this transaction will create meaningful value for all of our stakeholders and we look forward to commencing operations immediately.”
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. 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 22 markets, including Vancouver, Montreal, Mexico, Jamaica, Trinidad and Tobago, Gibraltar, U.K., Northern Europe, Piraeus, Patras, the United Arab Emirates, Singapore, Morocco, the Antwerp-Rotterdam-Amsterdam (ARA) region, Las Palmas, Tenerife, Cape Verde, Panama, Hong Kong, Barcelona, Algeciras and the U.S. East Coast. The Company has also entered into a strategic alliance to extend its global reach to China. To learn more about Aegean, visit http://www.ampni.com.
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