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Aegean Marine Petroleum Network Inc. has confirmed that it will be commencing operations in the South American market during the first quarter of 2016.

In a statement, Aegean said: "The company has assembled a team, with extensive local market experience, to manage an asset-light physical supply and back-to-back trading model in the region. Aegean believes that the new office, which will be based in Rio de Janeiro, Brazil, will support Aegean's goal of growing its global footprint with minimal start-up costs and position the company well for continued expansion in the region."

E. Nikolas Tavlarios, President of Aegean, remarked: "We are pleased to announce our expansion into South America and the opportunity to continue to grow and diversify our business. Our expansion into the South American market is an important milestone for the company and underscores our focus on expanding our capabilities and global footprint to drive profitable growth and create value for shareholders."