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SEOUL, South Korea,
June 25, 2013 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean") and SK Lubricants Co., Ltd. ("SK Lubricants") today announced a global cooperation agreement between the two companies that will allow Aegean to increase its sales volumes in the marine lubricants market and SK Lubricants to extend its global sales network.
Under the global cooperation agreement between the companies, Aegean will supply and deliver marine lubricant products to customers of SK Lubricants in the Aegean lubricants network, which currently covers 45 countries and 550 ports worldwide, and SK Lubricants will provide Aegean's customers in
South Korea with marine lubricant products.
E. Nikolas Tavlarios, President, commented, "Our agreement with SK Lubricants will allow Aegean to expand sales volumes for our marine lubricants and further extend our presence in the Asian market. The marine lubricants market, although a smaller business for our company, continues to yield high operating margins and is a highly profitable revenue stream. This agreement demonstrates our continued success in executing our strategy to further diversify our revenue base and drive growth by leveraging our existing infrastructure. We are excited about the opportunity to expand our lubricants sales volumes, which will allow us to increase profitability and create value for our shareholders."
Kwan Ho Choi, SK Lubricants CEO & President, commented, "We are pleased to expand our global supply capabilities through this cooperation agreement with Aegean. By accessing Aegean's strategic marine lubricants network in major markets, we will have the capacity to expand our global reach and meet and exceed the needs of our customers worldwide."
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 20 markets, including
Trinidad and Tobago,
Northern Europe, Piraeus, Patras, the
United Arab Emirates,
Amsterdam (ARA) region,
Las Palmas, Tenerife,
Hong Kong and
Barcelona. The Company has also entered into a strategic alliance to extend its global reach to
China. To learn more about Aegean, visit
About SK Lubricants
SK Lubricants Co., Ltd., one of the world's leading companies in Group 3 Lubricating Base Oils, has a strong presence in respect of the lubricating oils in Korea and
Russia under its trademark, "ZIC" and is expanding its sales territories globally. It is a subsidiary of SK Holdings Co., Ltd.,
South Korea's third biggest conglomerate in terms of total assets, with business units in telecommunications, services, engineering, technology, and energy.
Forward Looking Statements
The statements in this press release that are not historical facts, including our expectations regarding the transactions and their effects on Aegean, Aegean's lubricant business, revenue diversification, expansion of Aegean's lubricant sales volume, and Aegean's ability to pursue growth opportunities, drive profitability and create, value to Aegean's shareholders, may be forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements involve risks and uncertainties that could cause the stated or forecasted results to be materially different from those anticipated. Unless required by law, Aegean expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in Aegean management's views or expectations, to conform them to actual results or otherwise. Aegean assumes no responsibility for the accuracy and completeness of the forward-looking statements. Aegean makes no prediction or statement about the performance of our shares.