Diversified marine transport and offshore services company Petrogress, Inc. (OTC: PGAS), through subsidiary Petrogress Int’l, LLC (“PIL”), this morning announced its entry into a Memorandum of Understanding (“MOU”) with EDT Agency Services, Ltd. to combine the companies’ operations at the Port of Limassol, as well as future developments at Vassiliko Energy Port, where the Cyprus Port Authority has announced plans for the construction of a $300 million industrial and energy harbor. Per the update, the MOU calls for a 50/50 partnership between EDT and PIL, operating under PIL’s PG Cypyard & Offshore Terminal Services Ltd., with the goal of providing support services for supply vessels and offshore exploration and production platforms. “Our joint venture with EDT Offshore greatly expands the scope of PGC’s Port of Limassol operations,” Christos P. Traios, CEO of Petrogress, stated in the news release. “Joining our port facilities will allow us to serve the E&P needs of major international oil companies in the Cyprus EEZ. Our companies’ combined port operations and services business not only provide for enhanced revenue streams, but also ensure our future in this important international market, both in Limassol and Vassiliko.”
To view the full press release, visit http://dtn.fm/1OnoN
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About Petrogress, Inc.
Petrogress, Inc. owns and operates a fleet of tankers from its base in the historic Port of Piraeus through a series of Marshall Islands subsidiaries. Its principal and CEO, Christos P. Traios, has over 30 years of experience in operating and managing shipping operations from Greece. Currently, the Company’s ships trade off the coast of West Africa, transporting crude oil, distillates and refined products. The Company also operates service and shipping facilities at the Port of Limassol in Cyprus and the Port of Tema, Greater Accra, in Ghana. It is actively seeking expansion opportunities, including in operating and developing natural gas production and transmission facilities along with LNG processing in the U.S., refinery operations in north and West Africa, and the transport and sales of LNG in Europe. For more information, visit www.PetrogressInc.com
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