NEW YORK, Nov. 08, 2017 (GLOBE NEWSWIRE) -- Petrogress, Inc. (OTCMkts:PGAS) announced today that it has formed “PG Cypyard & Offshore Service Terminal Ltd. (“Cypyard”) (Org. No. 529036) through Petrogress Int’l, LLC, its wholly owned subsidiary. Cypyard was formed under the Cyprus Companies Law, Cap. 113, as a limited liability company; PIL is its only shareholder. Cypyard will conclude negotiations for an operations and management agreement covering ports in Hellenic Cyprus, including the Port of Limassol, directly with the Cyprus Ports Authority (www.cpa.gov.cy); Petrogress has withdrawn from its MOU with F&T Shipyards announced in June 2017.
Current plans include a long-term lease with renewal options covering all in-place port facilities, including floating dock and dry dock areas, with cranes and scaffolding, construction and repair workshops and storage, and complete on-site administrative and office space. Cypyard will negotiate and pay-off debt from a previous operator and agree to cover the costs of deferred maintenance and repairs along with designated improvements in exchange for lease rate concessions.
Per President Christos P. Traios, “We can make a better deal directly with the CPA for the facilities at Limassol. The facilities are in fairly good shape and won’t take much time or money to put right. In addition, we can add other port services agreements along the coast in Hellenic Cyprus if and when offshore services require. I think the opportunities there are great, and dealing directly with partners in government has numerous benefits.”
CYPRUS ROLE IN ENERGY
Cyprus can and should play a key role in the European Union’s energy security. Cyprus EEZ is contained within the Levantine Deep Marine Basin, with confirmed reserves of approximately 2,000 billion cubic meters of gas, and on-going exploration activities constantly adding to these reserves. Apart from its role as a producer, Cyprus is located at the cross-roads of sea lanes and probable pipeline routes connecting Europe and the Middle East, and should become a regional hub for E&P and transmission activities. Recent developments have attracted worldwide interest and significant investments from energy giants including Noble Energy, DELEK, TOTAL, Chevron, ExxonMobile, ENI and KOGAS. The New Port of Limassol is well-positioned to serve marine construction, transport and offshore service needs for exploration and production activities throughout the East Mediterranean.
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 CEO, Christos P. Traios, has over 30 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. 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., and transport and sales of LNG in Europe.
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 the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company 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 Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
Contact:
INVESTOR RELATIONS
Petrogress, Inc.
+1 (212) 634-3945
petrogress@petrogressinc.com
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+1 (212) 376 5228
+30 (210) 418 3604
www.petrogressinc.com