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Aegean Marine Petroleum Network Inc. has announced that its board of directors has authorized a new share repurchase program under which the company may repurchase up to $20 million of Aegean's outstanding common stock over the next two years. The authorization is effective immediately.

Commenting on the news, E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, said: "The authorization of this stock repurchase program underscores the confidence our board and management team have in our strategy and our ability to continue to drive long-term profitability while returning significant capital to stockholders."

Aegean says intends to repurchase shares "from time to time for cash in open market transactions or in privately-negotiated transactions in accordance with applicable federal securities laws".

"The timing and the amount of any repurchases will be determined by the company's management based on its evaluation market conditions, capital allocation alternatives, and other factors," Aegean said.

The new share repurchase program does not require Aegean to acquire any specific number of shares and may be modified, suspended, extended or terminated by the company at any time without prior notice, Aegean confirmed.

The supplier added that it will execute purchases only during periods where the executive team and the board of directors are not aware of material inside information that would likely affect a seller's decision to sell.