Petronav Carriers, expanding its tanker fleet adding one more FKAB MR tanker;
NEW YORK, March 02, 2021 (GLOBE NEWSWIRE) -- Petrogress, Inc. (OTC PINK: PGAS) ("Petrogress" or the "Company"), a fully integrated oil commodity business that primarily serves the Mediterranean and West Africa, today announced that its wholly owned subsidiary, Petronav Carriers LLC. (“PCL”), on February 17, 2021, entered into a long-term lease agreement (TCH) of an FKAB MR.
The TCH anticipates the long-term (4 years) lease of a 38,000 DWT Tanker of Oil Products and Chemicals, with an option to lease one more MR within the next two months. The FKAB MR is IMO type II, carrying oil products and chemicals, designed for worldwide unrestricted operations with the energy-efficient technical solutions as well as careful impact on the environment. The new MR will join Petronav’s tanker fleet the first week of March, and she will be employed in West Africa, to service Petronav’s new Affreightment (COA) project for the shipping of petroleum products within Nigeria and Europe.
Petronav Carriers (www.petronavcarrier.com) is a wholly-owned subsidiary of Petrogress Inc., which manages an in-house fleet of crude oil carriers and trades them in West Africa and Mediterranean. Petronav’ s leadership team, holds substantial combined shipping industry experience in managing financial, commercial and technical aspects of the business and ensures leading the company on a foundation of safe, cost-and energy-efficient and environmentally-friendly practices. The company values its team, which consists of skilled and experienced managers, port captains, technicians, ship officers, as well as specialists in the areas of safety, commercial and personnel management. Petronav retains key talent, rewards performance and continually develops its staff and holds it to high performance standards. Through qualified experience in conducting safe operations, understanding of environmental challenges, and strong leadership and coordination, Petronav shuttle fleet provides Ship-to-Ship (STS) services and/or lighting other product carriers in the area where Petronav is active.
About Petrogress Inc
Petrogress Inc. (Delaware), is an integrated energy company, engaged in the upstream, downstream and midstream segments. The Upstream segment consists of exploration and production of crude oil in West Africa, associated with processing and storage. The downstream segment comprises of refining of crude oil into petroleum products as well as marketing of crude oil and refined products of Gas Oil, Naphtha, Fuels and lubricants. The company operates internationally through its wholly owned subsidiaries "Petrogress Int'l LLC." and "Petronav Carriers LLC.". Petrogress is involved in diversified oil and gas activities throughout the U.S., Europe and Africa and has branches and representations in Greece, Cyprus, Monaco, Egypt, Ghana and Nigeria. The Company is actively seeking expansion opportunities in oil reserves and exploration in West Africa, including operating and developing natural gas production and transmission facilities along with LPG processing. Petrogress -as an independent Maritime Company- also owns and operates a fleet of tankers from its base in the historic Port of Piraeus through a series of Marshall Islands entities and provides sea-transportation services by its tankers fleet. Since last year, the company entered into the retailing market by leasing a number of Gas-fueling stations in Greece.