Greek marine fuel logistics company Aegean Marine Petroleum Network Inc. is planing to expand its operations to the South American market during the first quarter of 2016.
The company’s new office will be based in Rio de Janeiro, Brazil, and will manage an asset-light physical supply and back-to-back trading model in the region.
“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,” said E. Nikolas Tavlarios, President of Aegean .
The announcement comes on the back of Aegean’s recently acquired loans.
In November 2015, the company entered into a USD 120 million credit facility for its wholly-owned subsidiary, Aegean Oil Terminal Corporation, arranged by local United Arab Emirates banks.
Additionally, Aegean renewed its USD 1.2 billion secured global borrowing base multicurrency revolving credit facility under improved terms in September 2015.