Aegean Marine Petroleum Network has announced plans to commence physical supply operations in Cape Verde, following an agreement with Enacol, a local energy company based in Cape Verde.
Under the terms of the agreement, Aegean Marine will utilise its modern delivery fleet to provide bunkering services from the port of Mindelo on the island of Sao Vicente and offshore.
Enacol will be responsible for providing storage for quality fuel oils and distillates to meet the needs of all major sectors within the international shipping industry. The port of Mindelo serves as a strategic commercial hub that lies along major cross-Atlantic shipping routes as well as important trade routes between Europe and the Far East via the Cape of Good Hope.
Aegean Marine expects to initially deploy one double-hull bunkering tanker to Cape Verde and commence operations by the end of the first quarter of 2011.
"The port of Mindelo provides exciting opportunities for our Company as we remain focused on profitably increasing sales volumes. By providing an integrated marine fuel solution throughout this market, which connects critical trade routes between North and South America, Africa and Europe, we expect to increase fleet utilisation and expand our future earnings potential," said E. Nikolas Tavlarios, President of Aegean Marine.
"Importantly, based on our co-operation with Cape Verde's leading energy company, we will not incur any incremental capital expenditures by launching operations in this new and attractive market. We also expect to achieve operational efficiencies with our existing service centres located in Ghana and Las Palmas."
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