OBAST' managing director Mathias Berndt says his team are "excited about the opportunity to join the Aegean team."
Aegean Marine Petroleum Network Inc. [NYSE: ANW] (Aegean) today announced the launch of a new service centre in Rostock, Germany it says will serve all German Baltic Sea ports and Southern Scandinavian ports.
The operations at Rostock will be managed by the existing team at physical bunker supplier and cargo oil trader Bunkering & Trading GmbH (OBAST).
The deal will see Aegean acquire OBAST's existing share capital.
"We are pleased to announce the launch of our new service center in Rostock, which strengthens our existing presence in Germany and will enhance the flexibility and reach of our global marine fuel platform enabling us to better serve our customers around the world," said E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network.
E. Nikolas Tavlarios, President, Aegean Marine Petroleum Network
The OBAST team is an experienced and valuable addition to Aegean
"The OBAST team is an experienced and valuable addition to Aegean and we look forward to their contributions in managing operations in the Rostock market and delivering value to shareholders."
Mathias Berndt, OBAST's managing director, added: "We are excited about the opportunity to join the Aegean team and build upon the solid foundation we have created at OBAST.
"We look forward to serving our customers and enhancing Aegean's global brand."
The announcement follows a positive 2016 for the bunker supplier with significant growth in bunker sales volumes over the course last year.
In November Aegean reported a 26 percent jump in bunker sales volumes for 3Q 2016 to make it the fourth consecutive quarter with more than 4 million metric tonnes (mt) sold.