April 9, 2012
/PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) today announced that it signed a Memorandum of Understanding to establish a strategic alliance with China Changjiang Bunker (Sinopec) Co. Ltd. (CCBC), a Chinese state-owned enterprise jointly owned by SINOPEC Sales Co., Ltd. and SINOTRANS & CSC. CCBC is one of
's five state-certificated bonded bunker suppliers and among the largest bunker supply companies in
. The strategic partnership, which is expected to become effective during the second quarter of 2012 upon completion of final documentation, will enable Aegean to meet the marine fuel needs of its customers in mainland
Under the terms of the agreement, CCBC will utilize its position as one of China's largest bunkering companies to provide comprehensive marine fuel services on behalf of Aegean's customers in strategic ports, including all Changjiang River ports and certain coastal ports such as
, Zhenjiang, Yangzhou, Taizhou,
, Jiangyin, Nantong, Changshu, Zhangjiagang, Taiccang,
(scheduled to open by the end of 2012),
, and others. Aegean will be responsible for the supply and delivery of marine fuels to CCBC's customers in Aegean's network currently covering 19 countries throughout
Dimitris Melisanidis, Head of Corporate Development at Aegean, commented, "Our strategic alliance with CCBC provides important strategic benefits for our Company. First, we are extending our global reach to mainland
, enabling Aegean to establish an initial footprint in some of the world's largest ports. Second, Aegean is expanding its global scale in a prudent, cost-effective manner by partnering with one of
's largest physical suppliers of bonded bunker fuels. And third, this alliance will further strengthen Aegean's ability to meet the needs of its customers that operate on a worldwide basis. We look forward to working closely with CCBC and building a mutually beneficial relationship over the long term."
, a Member of the Board and General Manager of CCBC, stated, "We are pleased to form a strategic alliance with Aegean Marine Petroleum Network. The Company's bunkering network throughout the world provides a good choice for us to offer integrated marine fuel services to customers outside the Chinese market. By combining our efforts with Aegean to deliver innovative customer solutions, we are confident our partnership will provide significant long-term value for both companies. The specific operation of the program will be defined in the cooperation agreements to be signed by the two parties in the future."
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 19 markets, including
Trinidad and Tobago
, Piraeus, Patras, the
United Arab Emirates
. To learn more about Aegean, visit
About China Changjiang Bunker (Sinopec) Co. Ltd.
China Changjiang Bunker (Sinopec) Co. Ltd. (CCBC) is a large fuel oil sales company jointly owned by SINOPEC Sales Co., Ltd. and SINOTRANS & CSC (a merging corporation of China National Foreign Trade Transportation Group and China Changjiang National Shipping Group Corporation). It is one of the top 10 foreign trade companies in
The business scope of CCBC covers the supply, sale, trade, transportation and storage of marine fuels and marine lubricants. CCBC has 88 overwater gas stations along the Changjiang River, more than 230 well-equipped bunker barges and one exclusive railway line. Its total storage capacity is approximately 500,000 cubic meters.