Aegean Marine Petroleum Network Inc. and
SK Lubricants Co., Ltd. have announced a global cooperation agreement that is aimed at increasing sales volumes for Aegean and extending the global sales network of SK Lubricants.
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.
Commeting on the news,
E. Nikolas Tavlarios, Aegean President, said: "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, remarked, "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."
