Petrogress Inc. has announced that its Petrogress Int’l LLC (PIL) subsidiary has entered into a Memorandum of Understanding (MoU) and a partnership agreement with A&E Petroleum Co. Ltd to jointly form a corporation to engage in oil and gas business opportunities in Nigeria.
The corporation, named P&A Nigeria Oil Co. Ltd. (PANOC), is expected to engage in the operation of storage tank facilities, supply, sea transportation, distribution and sale of gas oil and other petroleum products, including crude oil originated in Nigeria.
A&E Petroleum is the current owner and operator of the storage tank facilities to be operated by PANOC. The partnership agreement anticipates that PIL and A&E Petroleum will contribute to the capital and own 55% and 45% of PANOC, respectively. PANOC is expected to lease or charter freight motor tankers and barges to facilitate the transportation of petroleum products to the Nigerian storage tanks and facilitate the purchase sale and distribution of such products.
Petrogress also announced that it plans to seek financing of up to US$5 million to facilitate planned capital requirements.
“Our partnership with A&E Petroleum is an excellent opportunity for Petrogress to expand its operations into and serve the Nigerian market. Our companies’ combined facilities, assets and services are not only expected to provide for enhanced revenue streams, but also ensure our future in this important international market,” said Petrogress Chief Executive Officer, Christos P. Traios.
Read the article online at: https://www.tanksterminals.com/product-news/20022018/petrogress-expands-operations-into-nigeria/