Aegean Marine Petroleum gets $150 million working capital facility

By Toni Weeks

San Luis Obispo, Calif., Jan. 16 - Aegean Marine Petroleum Network Inc. secured a $150 million uncommitted working capital facility from ABN Amro Capital USA LLC, according to a press release.

The facility will be used for working capital requirements of subsidiary Aegean Bunkering (USA) LLC, which was recently formed to complete the acquisition of the former U.S. East Coast bunkering business of Hess Corp. That transaction closed on Dec. 18, according to the release.

"This $150 million working capital facility will support our expansion into the United States as we continue to execute on our strategy to grow revenues, strategically leverage our fixed infrastructure and drive profitability," president Nikolas Tavlarios said in the release.

Aegean, based in Piraeus, Greece, is a marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea.

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