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Aegean Marine Petroleum Network Inc. has confirmed that it has entered into a new $120 million credit facility for its wholly owned subsidiary Aegean Oil Terminal Corporation, which has been arranged by local United Arab Emirates banks.

In a statement, E. Nikolas Tavlarios, president of the company, commented: "We are pleased with the confidence our UAE banking group has shown in our business and believe their support will help drive our growth plans in the region. With this new facility, we have established more favourable terms with lower margin and longer maturity dates than our 2013 Fujairah Credit Facility, further enhancing our financial flexibility. Our Fujairah storage facility has been received well in the marketplace and we quickly achieved a high utilization rate driven by our strong marketing strategy and the valuable support of our local banking group."

According to Aegean, proceeds from the loan, which was secured at lower rates and with a longer tenor than the company's existing 2013 Fujairah credit facility, were used to repay the indebtedness currently outstanding on that facility of $45.2 million.

"The balance of proceeds are expected to be used to opportunistically purchase supply while pursuing Aegean's strategy of selling blended products to generate greater profitability," the company added.

The facility was arranged by the United Arab Bank, and funded by the United Arab Bank, Abu Dhabi Commercial Bank, Commercial Bank of Dubai, and the National Bank of Oman.