Strategic Investment in Ship-to-Ship (STS) Operations. The continuing expansion of Petrogress’ energy operations will enhance revenue opportunities through the new venture of the company’s new activities in midstream;
NEW YORK, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Petrogress, Inc. (OTC PINK: PGAS) ("Petrogress" or the "Company"), a fully integrated oil commodity business that primarily serves West Africa and the Mediterranean, today announced that its wholly owned subsidiary, Petronav Carriers LLC. (“PCL”), has reached a Memorandum of Understanding (MOU) with EDT OFFSHORE AGENCY SERVICES LTD. (“EDT”).
The MOU anticipates a 50/50 partnership (new entity) of PCL and EDT to provide efficient Ship-To-Ship (STS) service operations around East Mediterranean (Greece, Cyprus and Egypt). The new entity shall be managed equally by both partners who shall contribute with cash, their know-how in energy and sea-transportation, expert personnel, shore facilities, floating equipment, fenders and all necessary materials required for product transfers ship-to-ship, including tugboats and supply crafts, which are classed and fully comply with all International and local regulations for marine and environmental protection.
EDT Offshore, a world class offshore maritime company that provides Ship-to-Ship transfer and leading service provider in oil and gas exploration and production company that operates a fleet of specialized support vessels from its main facilities in Cyprus and Egypt. The EDT Offshore story began over forty years ago in 1980 in Limassol, Cyprus. The company, soon became a specialist in management and operation of towage and salvage vessels. With growing expertise, EDT entered the nascent Eastern Mediterranean’s offshore Oil & Gas sector, developing strong working relationships with oil majors around the world, providing high equipped vessels and skilled crew for effective oil rig support, survey, dive and ROV operations.
Petronav Carriers is a wholly-owned subsidiary of Petrogress Inc., which manages an in-house fleet of crude oil carriers and trades them in West Africa and the Mediterranean. Petronav’ s leadership team, holds substantial combined shipping industry experience in managing financial, commercial and technical aspects of the business and ensures leading the company on a foundation of safe, cost-and energy-efficient and environmentally-friendly practices. The company values its team, which consists of skilled and experienced managers, port captains, technicians, ship officers, as well as specialists in the areas of safety, commercial and personnel management. Petronav retains key talent, rewards performance and continually develops its staff and holds it to high performance standards. Through qualified experience in conducting safe operations, understanding of environmental challenges, and strong leadership and coordination, Petronav‘s shuttle fleet provides Ship-to-Ship (STS) services and/or lighting other product carriers in the area where Petronav is active.
“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 new areas. Bringing new business opportunities, our mission is to establish Petrogress as a strong integrated oil energy company. Our companies’ combined facilities, assets and services, are not only expected to provide for enhanced revenue streams, but also make us stronger in the energy industry and ensure our future in the International market” states Petrogress’ Chief Executive Officer, Christos Traios.
About Petrogress Inc
Petrogress Inc. (Delaware), is an integrated energy company, engaged in the upstream, downstream and midstream segments. The Upstream segment consists of exploration and production of crude oil in West Africa, associated with processing and storage. The downstream segment comprises of refining of crude oil into petroleum products as well as 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 the U.S., Europe and Africa and has branches and representations in Greece, Cyprus, Monaco, Egypt, Ghana and Nigeria. The Company is actively seeking expansion opportunities in oil reserves and exploration in West Africa, including 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 EDT OFFSHORE
EDT Offshore is a supplier of high specification offshore support vessels to the Oil and Gas industry worldwide and operates bases in Cyprus and Egypt, by providing services to world majors oil energy companies as Total, ExxonMobil, Noble energy. Is a world leading service provider in oil and gas exploration and production companies worldwide and provides high quality Ship-to-Ship service around East and central Mediterranean.
For more information, visit www.edtoffshore.com
Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, without limitation, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker shipping capacity, changes in our operating expenses, including oil prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Petrogress does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission (the "SEC") on April 19, 2016 and future periodic reports filed with the SEC on or after the date hereof. All of Petrogress' forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date hereof.