800 Commerce Inc. has announced that the Company has completed the acquisition and acquired 100% of Petrogres Co. Ltd and all subsidiaries and its assets. Petrogres has operations in the Marshall Islands, Greece and new subsidiaries within the United States.
Petrogres presently operates four vessels in separate subsidiaries operating as a merchant of crude oil and oil products. The Company sources crude oil and refined oil products between West African countries utilising vessels owned by Petrogres.
Additionally, Petrogres is under negotiations to charter/lease with the right to purchase three LNG vessels with 126 000 CBM capacity allowing Petrogres to become the first marine freight transport company based in Greece and the United States. This will allow the company to negotiate LNG contracts between US suppliers and European buyers.
"Petrogres with our almost monopoly in our regional business, investments, and wholly-owned assets will provide us greater control over the oil sourcing and shipping of our petroleum products, which in turn, create a foundation for diversified income streams, and give us a significant competitive advantage in the West Africa market place. Thanks to low natural gas prices and technological advances through specialised ship builds, we can now serve new customers that are remote from the natural gas network, as well as customers in need of transport within our sector. Access to natural gas will make our businesses extremely more competitive while reducing our environmental footprint. Being acquired by 800 Commerce at this time gives us the perfect opportunity to leverage our multi-million dollar business and assets within the natural gas and oil sector and access the capital market place to expand our business," stated Christos Traios, new CEO of the Company.
Edited from press release by Angharad Lock
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