Aegean Marine Petroleum To Acquire U.S. East Coast Bunkering Business Of Hess

(RTTNews) - Aegean Marine Petroleum Network Inc. (ANW) announced that it has entered into an agreement to acquire the U.S. East Coast bunkering business of Hess Corp. (HES).

The company noted that this transaction, for a purchase price of $30 million, plus an amount to be paid for inventory, is subject to customary closing conditions and is expected to be completed during the fourth quarter of 2013.

Commenting on Hess Corp., the company said it is currently the leading marketer of marine fuels along the U.S. East Coast. The Hess bunkering operation and associated assets supply the heavily trafficked ports of New York, Philadelphia, Baltimore, Norfolk and Charleston, and include approximately 250,000 cubic meters of leased tank storage.

Aegean stated that this transaction not only marks its entry into supplying customers in the U.S. but also enables Aegean to meaningfully expand its global full-service marine fuel platform and increase its exposure to U.S. clients worldwide, including leading cruise lines.