Diversified marine transport and offshore services company Petrogress, Inc. (OTC: PGAS), through subsidiary Petrogress Int’l, LLC (“PIL”), this morning announced its entry into a memorandum of understanding and a partnership agreement with Nigeria-based A&E Petroleum Co. Limited to jointly form and co-operate a corporation to be named P&A Nigeria Oil Co. Ltd. (“PANOC”). PANOC is expected to engage in operation of storage tank facilities and the supply, sea transportation, distribution and sale of gas oil and other petroleum products, effectively capitalizing on oil and gas business opportunities in Nigeria. “Our partnership with A&E Petroleum is an excellent opportunity for Petrogress to expand its operations into and serve the Nigerian market,” Christos P. Traios, CEO of Petrogress, stated in a news release. “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.”
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About Petrogress, Inc.
Petrogress, Inc. owns and operates a fleet of tankers from its base in the historic Port of Piraeus through a series of Marshall Islands subsidiaries. Its principal and Chief Executive Officer, Christos P. Traios, has over 25 years of experience in operating and managing shipping operations from Greece. Currently, the Company’s ships trade off the coast of West Africa, transporting crude oil, distillates and refined products. The Company also operates service and shipping facilities at the Port of Limassol in Cyprus and the Port of Tema, Greater Accra, in Ghana. It is actively seeking expansion opportunities, including in operating and developing natural gas production and transmission facilities along with LNG processing in the U.S., refinery operations in north and West Africa, and the transport and sales of LNG in Europe. For more information, visit www.PetrogressInc.com
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