Aegean Marine (ANW) Signs MoU for New Strategic Alliance with Sinopec
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Aegean Marine Petroleum Network Inc. (NYSE: ANW) signed a Memorandum of Understanding to establish a strategic alliance with China Changjiang Bunker (Sinopec) Co. Ltd. (CCBC), a Chinese state-owned enterprise jointly owned by SINOPEC Sales Co., Ltd. and SINOTRANS & CSC. CCBC is one of China's five state-certificated bonded bunker suppliers and among the largest bunker supply companies in China. The strategic partnership, which is expected to become effective during the second quarter of 2012 upon completion of final documentation, will enable Aegean to meet the marine fuel needs of its customers in mainland China.
Under the terms of the agreement, CCBC will utilize its position as one of China's largest bunkering companies to provide comprehensive marine fuel services on behalf of Aegean's customers in strategic ports, including all Changjiang River ports and certain coastal ports such as Nanjing, Zhenjiang, Yangzhou, Taizhou, Changzhou, Jiangyin, Nantong, Changshu, Zhangjiagang, Taiccang, Shanghai (excluding Yangshan), Ningbo, Tianjin, Qingdao (scheduled to open by the end of 2012), Dalian, and others. Aegean will be responsible for the supply and delivery of marine fuels to CCBC's customers in Aegean's network currently covering 19 countries throughout North America, South America, Central America, Europe, Africa and the Middle East.
Under the terms of the agreement, CCBC will utilize its position as one of China's largest bunkering companies to provide comprehensive marine fuel services on behalf of Aegean's customers in strategic ports, including all Changjiang River ports and certain coastal ports such as Nanjing, Zhenjiang, Yangzhou, Taizhou, Changzhou, Jiangyin, Nantong, Changshu, Zhangjiagang, Taiccang, Shanghai (excluding Yangshan), Ningbo, Tianjin, Qingdao (scheduled to open by the end of 2012), Dalian, and others. Aegean will be responsible for the supply and delivery of marine fuels to CCBC's customers in Aegean's network currently covering 19 countries throughout North America, South America, Central America, Europe, Africa and the Middle East.
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