- Petrogress subsidiary signs partnership agreement with a Ghanaian oil refinery
- Forecasts indicate that the value of the Ghanaian oil and gas industry will triple to $60 billion by 2022
Petrogress, Inc. (OTC: PGAS) subsidiary Petrogress Co., Ltd. (“PGL”) has entered into a partnership agreement with Platon Gas Oil Ghana. PGL anticipates delivery of 3,000-5,000 metric tons of crude oil each month to Platon’s facilities for storage and processing into diverse petroleum products. Petrogress will participate in refinery expansion plans and, with Platon, will market and distribute the refined petroleum products in Ghana and neighboring countries.
Petrogress believes that the partnership with Platon should:
- Grow sales and net profits for Petrogress, while providing assurances of continued transactions and secured sales;
- Provide for significant production upgrading at the refinery, going from current processing capacity of 75,000 barrels per month to 200,000 barrels per month; and
- Widen Petrogress’ presence in the oil-refining sector as production expands to meet the huge demand in West Africa for refined petroleum products.
Petrogress expects significant opportunities in West Africa. The Economist (http://ibn.fm/Tsghs) reports that Ghana holds special promise for long-term development prospects, noting that the Ghana National Petroleum Corporation forecasts that the value of the Ghanaian oil and gas industry will triple to $60 Billion by 2022. The Jubilee production region remains active, and the Mahogany, Teak, and Akasa discovery regions in the nation’s western half are being developed by major international producers. The country’s Petroleum Commission has allocated rights to develop 16 other fields (http://ibn.fm/3AiB8), including the Saltpond Field, in which Petrogress has an interest.
Petrogress is a fully integrated oil and gas company based in New York City. It trades, ships and refines crude oil in West Africa and the eastern Mediterranean and is a global merchant of petroleum products. The company operates chiefly as a holding company for its operating subsidiaries. These include Petrogres Co. Limited and Petronav Carriers LLC, which own and operate its tanker fleet; Petrogress Oil & Gas Energy, Inc., an oil and gas production company; and Petrogress Int’l, LLC, the owner and manager of Petrogres Africa Co. Limited, which operates service and shipping facilities at the Port of Tema, Greater Accra, in Ghana. Subsidiary PG Cypyard & Offshore Terminal Services Ltd. operates similar facilities at Limassol, in Cyprus.
Petrogress connects producers and end-users of commodities, concentrating on the supply and trade of light petroleum fuel oil, refined oil products and other petrochemical products to local refineries by employing its market knowledge, logistics and infrastructure to move physical commodities from places of abundance to the areas where they are in demand.
In a news release, Petrogress CEO Christos P. Traios stated, “We are excited about our partnership with Platon and believe it is an excellent opportunity for Petrogress to not only expand its West Africa supply operations but also to join with a strong, experienced refinery partner. The needs and demand for refined petroleum products in Ghana and neighboring countries already exceeds local capacity and grows consistently. Our companies’ combined facilities, assets and services are not only expected to provide for enhanced revenue streams, but also strengthen our footprint in West Africa.”
For more information, visit the company’s website at www.PetrogressInc.com
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