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Aegean could sell Fujairah storage terminal: CFO

Would be 'one alternative' to generate liquidity, but 'not a good time' to sell.



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Updated on 09 Mar 2018 12:13 GMT

NYSE-listed Aegean Marine Petroleum Network Inc could potentially sell its storage terminal facility in Fujairah, UAE, in order to generate more liquidity for the company, CFO Spyros Gianniotis confirmed on Thursday.

Speaking during a quarterly review of the company's results, Gianniotis noted that the sale of its storage business in Fujairah was "one alternative", whilst also explaining that, given the current state of the market, "it's not a good time" to sell.

Discussing the Fujairah storage facility, president Jonathan McIlroy added: "We're going to explore any opportunities that we find to generate the liquidity that we need. So when we're looking at our assets, obviously that's one of them."

McIlroy also noted that there were "no definitive plans for the Fujairah terminal at the moment".

"Given how weak the market is right now, now's not actually the best time to be looking to sell the terminal," he added.

Aegean completed the construction of its Fujairah terminal in the third quarter of 2014.

The facility, which has approximately 465,000 cubic metres of storage, is designed to store Class I, Class II, and Class III products, including fuel oil, gasoline and naptha.

The terminal includes 15 storage tanks and direct pipeline access to the Port of Fujairah's common jetty manifold system, in-tank and in-line blending, tank and pipeline heating and a truck loading station with two bays.

As previously reported, Aegean looks set to withdraw from the Fujairah bunker market as a physical supplier in a move designed to improve overall sales margins and profitability for the company.






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