- For the three months ended September 30, 2017, PGAS reported a profit, greater prepaid expenses and some $3 million added to its assets and shareholder value of the company
- Jim Jimerson, consultant, says in audio interview that PGAS is eyeing more tanker acquisitions and working on worldwide financing, including from the World Bank, for its growth plans
- Diverse revenue stream from oil and gas energy shipping, sales of finished products, a larger tanker fleet and growth through joint ventures
Petrogress, Inc. (OTC: PGAS) sees growth opportunities worldwide for 2018, as this integrated energy company seeks a larger tanker fleet and growth in Ghana, Libya and Cypress. Jim Jimerson, who handles corporate affairs for Petrogress in the U.S., said in an audio interview that the firm, in 2016, consolidated its operations, going public through a reverse merger (http://dtn.fm/JA6kJ). In 2017, it began to show growth through acquisitions and joint ventures internationally. Now, for 2018, it hopes to attract major players as it further expands its production and shipping services.
Jimerson noted that PGAS is focused in 2018 on three priorities. First, the company wishes to consummate a contract in Ghana to give it more growth opportunities. Second, it sees exceptional opportunities for business initiatives to get in on the ground floor in Libya, a location Jimerson describes as being in PGAS’s “wheelhouse” in North Africa. Finally, PGAS is seeking to acquire two more tankers at a discount from Dubai sources, growing its fleet from four to six. This would enable the company to trade through the Suez Canal, boosting its business.
To achieve all that, Jimerson said, the firm is working with U.S. and international finance partners, including the World Bank. In its 3Q2017 SEC 10-Q filing, it reported a profit, adding some $3 million to its book value assets, and increased prepayment on expenses (http://dtn.fm/M4MeD).
PGAS is a New York-based, fully-integrated oil and natural gas energy company with offices in Piraeus, Greece, and Tema, Ghana (located on the west coast of Africa), that manage its operations. PGAS holds various subsidiaries throughout the world. It has a vision of becoming a vertically-integrated energy company. It is segregating its shipping business and petroleum sales into separate companies, which is expected to result in a more focused approach to assist the entities as they pursue individual growth strategies.
The end-goal is to maximize shareholder value. PGAS is divided into four distinct groups: upstream, which consists of oil resources and explosion; midstream, its product fleet carriers; downstream, its refinery and finished product sales; and liquefied, its liquefied natural gas (LNG) sea transportation.
Most recently, PGAS has been expanding its operations to become a greater factor in the oil business and throughout its supply chain. To that end, it has been negotiating partnerships — such as its December 19, 2017, announcement of an MOU signed by its Delaware-based subsidiary, Petrogress Intl. LLC (“PIL”), and EDT Agency Services, Ltd. (EDT Offshore) to combine their operations in certain ports (http://dtn.fm/1qMZr). EDT provides services to oil and gas exploration and production companies globally and operates a fleet of specialized support vessels from numerous facilities. The MOU anticipates a 50-50 partnership between PIL and EDT for certain joint operations.
For more information, visit the company’s website at www.PetrogressInc.com
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