10.11.15. Aegean Marine Petroleum Network Inc has entered into a new US$120 million credit facility for its wholly-owned subsidiary, Aegean Oil Terminal Corporation arranged by local United Arab Emirates banks.
Company president E. Nikolas Tavlarios said the credit facility replaced one dating from 2013 such that the Aegean had now secured more favourable terms with lower margin and longer maturity dates.
“Our Fujairah storage facility has been received well in the market and we quickly achieved a high utilisation rate driven by our strong marketing strategy and the valuable support of our local banking group,” he added.
Proceeds from the loan were used to repay the indebtedness outstanding on the 2013 facility of $45.2 million. The balance is expected to be used to purchase supply opportunistically while pursuing Aegean’s strategy of selling blended products to generate greater profitability.
The facility was arranged by United Arab Bank.