Aegean Closes Acquisition Of Hess' U.S. East Coast Bunkering Business

(RTTNews) - Aegean Marine Petroleum Network Inc. (ANW) Thursday closed the acquisition of the U.S. East Coast bunkering business of Hess Corp. (HES).

The deal, which includes bunkering operations that averaged 1.8 million metric tons in annual sales over the past three years, is valued at $30 million plus the value of the purchased inventory and also includes about 250,000 cubic meters of leased tank storage.

The deal marks Aegean's entry into supplying customers in the U.S. and will enable it to expand its global full-service marine fuel platform and increase its exposure to U.S. clients worldwide.

Aegean expects to utilize these bunkering operations and associated assets to supply the heavily trafficked ports of New York, Philadelphia, Baltimore, Norfolk and Charleston.