- Petrogress has expanded operations in Nigeria, including the sale of petroleum products such as crude oil originating in Nigeria
- In Ghana, Petrogress is actively seeking expansion, particularly in natural gas production
- Petrogress, with its subsidiaries, seeks to become a fully vertically-integrated oil and natural gas company
Petrogress, Inc. (OTC: PGAS) sees a bright future in Western and Central Africa as energy demands boom and oil and gas demand remains high in the area. It is one of the last remaining regions in the world where oil and gas have not seen exploration equal to the rest of the world, the company said. Petrogress’ operations in West Africa offer comprehensive product coverage and vital local presence in the area. This primes it for more growth. The firm already trades off the coast of West Africa. It transports crude oil, distillates and refined products.
The company has expanded its operations in Nigeria, including the sale of petroleum products, such as crude oil originating in Nigeria. In a news release, Christos P. Traios, CEO and president of the company, called Nigeria an “important international market.” The company terms it the hub of West Africa. The plan, Traios added, is to invest strategically in value chain assets that complement Petrogress’ physical trading activities as an integrated company.
Ironically, while Nigeria is oil-rich, it is also an importer of gasoline to meet its domestic needs. It has not built any new refineries in 30 years, yet it has been Africa’s largest oil exporter for decades, according to a recent article in Bloomberg (http://ibn.fm/ByjSP).
Petrogress is also active in Ghana in Africa, where it operates service and shipping facilities at the Port of Tema, Greater Accra, in Ghana. There, it is actively seeking expansion, both in operating and developing natural gas production. Ghanaian oil production is expected to reach 139,800 barrels per day in 2018 by leveraging the country’s TEN and Jubilee fields (http://ibn.fm/wOlNo).
Petrogress has several subsidiaries. Petrogres Co. Ltd. is an international supplier and trader of petroleum products operating in West Africa, the Mediterranean, and other regions. Petronav Carriers, LLC is a wholly-owned subsidiary that operates an in-house fleet of crude oil carriers in West Africa. Petrogress Oil & Gas Energy, Inc. was incorporated in Texas, largely to increase the company’s presence in the liquefied natural gas (LNG) market.
With offices in Piraeus, Greece, and Tema, Ghana, the goal of the parent company is to be a fully vertically-integrated oil and natural gas energy company. It is segregating its shipping business from petroleum sales, which will result in a more focused approach to allow these separate entities to pursue individual growth strategies.
For more information, visit the company’s website at www.PetrogressInc.com
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