Aegean Marine Petroleum Network Inc. has confirmed that it plans to commence bunker supply operations at the port of
Los Angeles during the first quarter of 2015.
In a statement, the bunker firm said that it had agreed to acquire 28,567 metric tonnes of marine fuel and assume a storage contract with Vopak Terminal Los Angeles for a total purchase price of approximately $11 million at an auction of OW Bunker's assets.
E. Nikolas Tavlarios, president of Aegean Marine Petroleum Network, commented, "This transaction is aligned with Aegean's strategy to opportunistically enter new markets to service unmet and increasing demand, while enhancing shareholder value. We have focused on building a strong and flexible financial position over the years and as a result were able to act quickly on this unique opportunity to further strengthen and diversify our operating footprint.
"Having a presence at the Vopak Terminal in Los Angeles will substantially broaden Aegean's access to the marine fuel markets of the U.S. west coast, and in so doing round out Aegean's profile as a global marine fuel provider. Heading into 2015, which we believe will be a landmark year for Aegean, we intend to continue executing our risk-averse strategy; strengthening our brand, widening our customer base and increasing the scale and efficiency of our logistics network."
The company said that it expects to integrate much of the former OW Bunker operating infrastructure in Los Angeles into the Aegean organization and begin operations at the Vopak Terminal during the first three months of 2015.
