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800 Commerce acquires Petrogres

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LNG Industry,

800 Commerce Inc. has announced that it has finalised the complete acquisition of Petrogres Co. Ltd and all of its assets and subsidiaries. Petrogres is an oil and LNG shipping company that operates in West Africa, Greece and the Marshall Islands, and that has subsidiaries operating in the US. It currently has plans to expand through new-build LNG vessels.

Potential customers are currently having discussions with Petrogres regarding the purchase of LNG for maritime transport. In addition to this, Petrogres is in negotiations to charter/lease with the right to purchase three 126 000 m3 capacity LNG vessels.

Christos Traios, the new CEO of the company, said: “Petrogres with our almost monopoly in our regional business, investments, and wholly-owned assets will provide us greater control over the oil sourcing and shipping of our petroleum products, which in turn, create a foundation for diversified income streams, and give us a significant competitive advantage in the West Africa market place. Thanks to low natural gas prices and technological advances through specialised ship builds, we can now serve new customers that are remote from the natural gas network, as well as customers in need of transport within our sector. Access to natural gas will make our businesses extremely more competitive while reducing our environmental footprint. Being acquired by 800 Commerce at this time gives us the perfect opportunity to leverage our multi-million dollar business and assets within the natural gas and oil sector and access the capital market place to expand our business.”

Edited from press release by David Rowlands

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