Petrogress is expanding its global footprint by striking deals with Nigeria-based A&E Petroleum Co. Limited. The partnership with A&E Petroleum expands the company’s operations into Nigeria, generating enhanced revenue opportunity and strengthening the company’s international reach.
The two firms signed a MoU and partnership agreement which will have them jointly forming a corporation to be named P&A Nigeria Oil Co. Ltd. (PANOC) to engage in various oil and gas business opportunities in Nigeria, including the operation of storage tank facilities and the supply, sea transportation, distribution and sale of gas, oil and other petroleum products, including crude oil originated in Nigeria.
Petrogress CEO Christos P. Traios said in a statement, “Our partnership with A&E Petroleum is an excellent opportunity for Petrogress to expand its operations into and serve the Nigerian market. Our companies’ combined facilities, assets and services are not only expected to provide for enhanced revenue streams, but also ensure our future in this important international market.”
Following the company’s global expansion strategy, this news comes on the heels of another partnership announced in December that expands operations in Cyprus. Based in Greece, Petrogress Inc. owns and operates an expanding fleet of tankers that transport crude oil, distillates and refined products off the coast of Africa, as well as operating service and shipping facilities in Cyprus.
The deal with A&E Petroleum in Nigeria dovetails nicely with the company’s current operations and is expected to positively impact both the top and bottom line.