New financing has been secured from local UAE banks by Aegean Marine Petroleum Network for its Fujairah storage facility.
The $120 million (€111 million) credit facility will be used for Aegean’s wholly-owned subsidiary, Aegean Oil Terminal Corporation.
The balance of the proceeds are expected to be used to opportunistically purchase supply while pursuing Aegean’s strategy of selling blended products to generate greater profitability.
The facility was arranged by the United Arab Bank, and funded by the United Arab Bank, Abu Dhabi Commercial Bank, Commercial Bank of Bubai and the National Bank of Oman.
E. Nikolas Tavlarios, president of the company, says: ‘With this new facility we have established more favourable terms with lower margin and longer maturity dates than our 2013 Fujairah credit facility, further enhancing our financial flexibility.
‘Our Fujairah storage facility has been received well in the marketplace and we quickly achieved a high utilization rate driven by our strong marketing strategy and the valuable support of our local banking group.’