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Aegean Marine Petroleum Network Announces Strategic Alliance with China Changjiang Bunker
Submitted by alex.folkenflik on 10 April 2012 – 5:10pm
Aegean Marine Petroleum Network Inc. (NYSE: ANW), an international marine fuel logistics company, announced that it signed a Memorandum of Understanding to establish a strategic alliance with China Changjiang Bunker (Sinopec) Co. Ltd. (CCBC), a Chinese state-owned enterprise jointly owned by SINOPEC Sales Co., Ltd. and SINOTRANS & CSC. CCBC is one of China’s five state-certificated bonded bunker suppliers and among the largest bunker supply companies in China. The strategic partnership, which is expected to become effective during the second quarter of 2012 upon completion of final documentation, will enable Aegean to meet the marine fuel needs of its customers in mainland China. Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in 19 markets, including Vancouver, Montreal, Mexico, Jamaica, Trinidad and Tobago, West Africa, Gibraltar, U.K., Northern Europe, Piraeus, Patras, the United Arab Emirates, Singapore, Morocco, the Antwerp-Rotterdam-Amsterdam (ARA) region, Las Palmas, Tenerife, Cape Verde and Panama. China Changjiang Bunker (Sinopec) Co. Ltd. (CCBC) is a large fuel oil sales company jointly owned by SINOPEC Sales Co., Ltd. and SINOTRANS & CSC (a merging corporation of China National Foreign Trade Transportation Group and China Changjiang National Shipping Group Corporation). It is one of the top 10 foreign trade companies in Hubei Province, China. The business scope of CCBC covers the supply, sale, trade, transportation and storage of marine fuels and marine lubricants. CCBC has 88 overwater gas stations along the Changjiang River, more than 230 well-equipped bunker barges and one exclusive railway line. Its total storage capacity is approximately 500,000 cubic meters. CCBC is headquartered in Wuhan, and its 20 branches spread along the main routes of the Changjiang River and extend to coastal areas with locations in Chongqing, Wanzhou, Yichang, Jingzhou, Yueyang, Wuhan, Huangshi, Jiujiang, Anqing, Wuhu, Nanjing, Zhenjiang, Jiangsu, Shanghai, Ningbo, Shenzhen, Dalian, Tianjing and Qingdao. An Oil Transportation branch is located in Wuhan.
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