This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Aegean Marine Petroleum Network Inc. Announces Expansion Plans In Barcelona, Spain

PIRAEUS, Greece, Aug. 8, 2012 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) 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."

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 Vancouver, Montreal, Mexico, Jamaica, Trinidad and Tobago, West Africa, Gibraltar, U.K., Northern Europe, Piraeus, Patras, the United Arab Emirates, Singapore, Morocco, the Antwerp- Rotterdam- Amsterdam (ARA) region, Las Palmas, Tenerife, Cape Verde and Panama. 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.

About Meroil S.A.

Meroil was founded in 1993 as an independent oil operator with the aim of supplying fuel and related products to service stations, distributors, industries and the agricultural sector. The birth of Meroil was the most important, solid and financially solvent project amongst all those that have been developed in the Spanish energy sector by independent companies since the liberalization of the oil sector in Spain.

The construction of the reception and fuel distribution Terminal in the Barcelona port in 2004 and its latest extension completed in 2012 has provided Meroil with  one of the biggest terminals worldwide with a surface area of 125,000 m 2 and a storage capacity of 1.000.000 m 3 of fuel distributed over 45 tanks.

Meroil has a distribution network of over 200 registered service stations throughout the country.

Stock quotes in this article: ANW 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs