NEW YORK, Dec. 18, 2017 (GLOBE NEWSWIRE) -- via NetworkNewsWire – NetworkNewsWire (“NNW”), a multifaceted financial news and publishing company that delivers a new generation of social communication solutions for business, today announces the online availability of its interview with Petrogress Inc. (OTC:PGAS), an international oil and gas merchant with subsidiaries specializing in exploration and production operations, shipping and transport services, and physical commodities trading facilities.
The interview can be heard at https://www.networknewswire.com/networknewsaudio/petrogress-inc-pgas-interview/
NNW’s Stuart Smith is joined by consultant Jim Jimerson, who handles corporate affairs for Petrogress Inc. in the United States.
“As we develop petroleum sources on the west coast of Africa, we are also working with refiners and others with respect to the transport and trading of refined goods,” Jimerson says. “The company has an emphasis over the next few months and into next year of entering into refining and other production deals in Africa. We are working with partners in Ghana and European partners in Libya for expanding our footprint there in refining, production, and other oil and gas-related businesses.”
Currently, the company’s commissioned ships trade off the coast of West Africa, transporting crude oil, distillates, and refined products. Petrogress Inc. also operates service and shipping facilities at the Port of Limassol in Cyprus and the Port of Tema, Greater Accra, in Ghana. 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.
The year 2016 was a year of change as the company became public through an acquisition and reverse merger, Jimerson said.
“The company continued to generate revenues and continued to be profitable during that time period,” he adds, noting that 2017 brought important forward progress in the company’s strategic business plan. "Purchase of an interest at the Port of Limassol, along with the formation of a special purpose vehicle for the company’s business interests in Africa, provides greater opportunities in the east Mediterranean and north African trade sectors. Discussions with an Austrian partner who has close business ties to the Libyan oil ministry is also anticipated to result in a significant business initiative in the region,” Jimerson said.
Petrogress Inc. has options on two Aframax crude tankers and is working out financing to purchase the ships at a significant discount. Adding the two tankers to the company fleet would permit Petrogress to trade through the critically important Suez Canal. Company President Christos P. Traios, whose background includes time as a sea captain and years of maritime management and shipping operations, provides the visionary leadership that has allowed Petrogress to add more than $3 million to shareholder value, stockpile cash, make strategic acquisitions, and prepay expenses.
“All in all, I would consider 2017 Q3 a strong quarter for purposes of building on for the rest of the year and into next year,” Jimerson said. “We’re looking forward to 2018.”
About Petrogress, Inc.
Petrogress, Inc. owns and operates a fleet of tankers from its base in the historic Port of Piraeus, Greece, through a series of Marshall Islands subsidiaries. The company is an international merchant of petroleum products, which includes reliably marketing and trading crude oil, distillates, and refined products off the coast of West Africa. The company also operates service and shipping facilities at the Port of Limassol in Cyprus and the Port of Tema, Greater Accra, in Ghana. Petrogress is actively seeking expansion opportunities, including operating and developing natural gas production and transmission facilities along with LNG processing in the U.S., refinery operations in north and west Africa, and the transport and sales of LNG in Europe.
For more information, visit the company’s website at www.PetrogressInc.com
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Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
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