Financial Energy Review
by James Ikenna…………….
Petrogress Inc. (PIL) is seeking expansion opportunities in oil reserves and exploration in Nigeria and West Africa.
The multinational oil and gas company investment interest include operating and developing natural gas production and transmission facilities along with LPG processing plant. Petrogress is also into maritime and also owns and operates a fleet of tankers.
The company is set to sign pact with an Egyptian maritime agency, Port Said Shipping & NAV to start bunkering operation and oil- residue collection in the Egyptian Ports of Port Said in Alexandria and Damietta
According Petrogress it’s Subsidary will start the operations with one of its oil-barge tankers in the reference areas. In addition, PIL, jointly with PSSN will act as collector of oil-residues from all ships calling the mentioned Egyptian ports. Based on the Egyptian authorities’ statistics, the traffic of vessels calls is estimated about 75 ships daily.
The Egyptian Government has adopted and enforced under International, to control oil sea-pollution as specified by the International Convention for the Prevention of Pollution of the sea by Oil (ICPPO) which is administered and promoted by the International Maritime Organization (IMO) since 1959.
PIL expects to commence the bunkering and oil collection operations by August 2020 and plans to mobilize its first barge-tanker at the end of July. PIL’s initial operations will be the management of waste-oil and the collection of oil-residues/sludges, oily bilges water, waste lubricants, dirty ballast water, oil tank washing and all liquids generated by ships during their operations. Apart from the oil-residues management, PIL plans to increase the number of the tanker barges and to create a bunkering network in Egypt and the Eastern Mediterranean.
“We are excited with our new partnership and the expansion of our activities which is an excellent opportunity for Petrogress to expand its operations into and serve new markets areas. Bringing new business opportunities to fruition demonstrates our mission to establish Petrogress as a strong integrated oil energy company by providing upstream, midstream, downstream services and now participating directly in the environmental protection of our Seas. Our companies’ combined facilities, assets and services are not only expected to provide for enhanced revenue streams, but also ensure our future in this important international market,” stated Petrogress Chief Executive Officer, Christos P. Traios.
