Aegean Completes $30 Million Acquisition Of Hess' Bunkering Business

Purchased the US East Coast bunkering business, entering into supplying customers in the US.

Aegean Marine Petroleum Network Inc. (NYSE: ANW) announced Dec. 19 the completion of the acquisition of the U.S. East Coast bunkering business of Hess Corp. (NYSE: HES).

The transaction, which includes bunkering operations that averaged 1.8 million metric tons in annual sales over the past three years, is valued at $30 million plus the value of the purchased inventory and also includes 250,000 cubic meters of leased tank storage.

This acquisition marks the Athens, Greece-based Aegean's entry into supplying customers in the U.S. and will enable Aegean to meaningfully expand its global full-service marine fuel platform and increase its exposure to U.S. clients worldwide.

"The completion of this acquisition marks another important milestone in Aegean's history," E. Nikolas Tavlarios, Aegean president, said in the release. "Our strategy to leverage our unique business model across geographies to accelerate profitable growth is continuing to deliver results. By utilizing Hess Corporation's established infrastructure, we believe we are well positioned to optimize these assets, grow Aegean's revenues and further build upon our brand and service capabilities as we extend our reach to new U.S. clients. We believe this transaction will create meaningful value for all of our stakeholders and we look forward to commencing operations immediately."