NEW YORK, July 08, 2020 (GLOBE NEWSWIRE) -- PETROGRESS, INC. (OTC:PGAS) today announced that its wholly-owned subsidiary Petrogress Int’l, LLC (“PIL”) has concluded an agreement with one of the larger Egyptian Maritime Agency Companies, PORT SAID SHIPPING & NAV. CO. SA (“PSSN”), to start the bunkering operations and the oil-residues collection from the ships at the Egyptian ports of Port Said, Alexandria and Damietta. PIL will start the operations with one of its oil-barge tankers in the reference areas. In addition, PIL, jointly with PSSN will act as collector of oil-residues from all ships calling the mentioned Egyptian ports. Based on the Egyptian authorities’ statistics, the traffic of vessels calls is estimated about 75 ships daily.
The Egyptian Government has adopted and enforced under International, to control oil sea-pollution as specified by the International Convention for the Prevention of Pollution of the sea by Oil (ICPPO) which is administered and promoted by the International Maritime Organization (IMO) since 1959.
PIL expects to commence the bunkering and oil collection operations by August 2020 and plans to mobilize its first barge-tanker at the end of July. PIL’s initial operations will be the management of waste-oil and the collection of oil-residues/sludges, oily bilges water, waste lubricants, dirty ballast water, oil tank washing and all liquids generated by ships during their operations. Apart from the oil-residues management, PIL plans to increase the number of the tanker barges and to create a bunkering network in Egypt and the Eastern Mediterranean.
“We are excited with our new partnership and the expansion of our activities which is an excellent opportunity for Petrogress to expand its operations into and serve new markets areas. Bringing new business opportunities to fruition demonstrates our mission to establish Petrogress as a strong integrated oil energy company by providing upstream, midstream, downstream services and now participating directly in the environmental protection of our Seas. 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,” stated Petrogress Chief Executive Officer, Christos P. Traios.
About Petrogress, Inc.
Petrogress Inc. (Delaware), is an integrate energy company, engaged in the upstream, downstream and midstream segments. The Upstream segment consist of exploration, and production of crude oil in West Africa, associated with processing and storage. The downstream segment comprises refining of crude oil into petroleum products, marketing of crude oil and refined products of Gas Oil, Naphtha, Fuels and lubricants. The company operates Internationally through its wholly owned subsidiaries "Petrogress Int'l LLC." and "Petronav Carriers LLC.". Petrogress is involved in diversified oil and gas activities throughout US, Europe and Africa and has branches and representations in Greece, Cyprus, Egypt, Ghana and Nigeria. The Company is actively seeking expansion opportunities in oil reserves and exploration in West Africa, including in operating and developing natural gas production and transmission facilities along with LPG processing. Petrogress -as independent Maritime Company- also owns and operates a fleet of tankers from its base in the historic Port of Piraeus through a series of Marshall Islands entities and provides sea-transportation services by its tankers fleet. Since last year, the company entered into the retailing market by leasing a number of Gas-fueling stations in Greece.
For more information, visit www.petrogressInc.com
About Port-Said Shipping & Nav. Co. SA.
PSSN (Port Said Shipping & Nav. Co), is one of the oldest acquired Egyptian companies founded by the late O.B.E.A. Hassan in 1934, and it has been recognized as the architect of transport and trade in maritime industry. The pioneering spirit that made us what we are today is still very much alive as we continue to meet the needs of our principals and customers. PSSN controls, coordinates and vets all of our customers in advance to meet the necessary requirements. We strive to provide our employees with complete knowledge, service skillset, customers expertise and quality control. Our highly trained Staff at PSSN leaves a positive and lasting impression with both the very new and established customers. We call it “Service Excellence”.
The PSSN is designed to provide an array of services to our principals transiting the Suez Canal and/or calling at other Egyptian ports. We are fully licensed agents, and offer agency services in all Egyptian ports. www.pssn.com.eg)
Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, trends, analysis, and other information contained in this press release including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," and other similar expressions of opinion, constitute forward-looking statements. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in Petrogress Inc.'s reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents Petrogress’ estimates as of the date of the press release, and subsequent events and developments may cause Petrogress’ estimates to change. Petrogress specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Petrogress’ estimates of its future financial performance as of any date subsequent to the date of this press release.