EMEA News
Aegean Receives $120M in Financing for Fujairah Oil Terminal
Aegean Marine Petroleum Network Inc. has announced it has received $120 million in credit financing from United Arab Emirates banks for its wholly-owned subsidiary Aegean Oil Terminal Corporation to support its Fujairah oil terminal operations.
$45.2 million of the loan was said to have already been used to repay the remaining balance on a previous loan taken out in 2013, while the rest will be used to "opportunistically purchase supply."
"We are pleased with the confidence our UAE banking group has shown in our business and believe their support will help drive our growth plans in the region," said President E. Nikolas Tavlarios.
"With this new facility, we have established more favorable 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."
Four banks, including the United Arab Bank, Abu Dhabi Commercial Bank, Commercial Bank of Dubai, and the National Bank of Oman, were involved in the loan.
Last month, Ship & Bunker also reported that the company had renewed its $1 billion borrowing base.
