The acquisition, which is subject to normal closing conditions, is scheduled to close in July 2008. In connection with this acquisition, Aegean has agreed to purchase two single-hull barges, used in the delivery of marine fuel, from ICS. These barges are eligible for employment until 2015.
Nikolas Tavlarios, president of Aegean Marine Petroleum, said: With the acquisition of ICS, Aegean is positioned to once again capitalize on an attractive market opportunity that further expands its global network for the physical supply of marine fuel. ICS has a well-established business with a strong reputation that will provide a critical bunkering presence for Aegean in North America.
