Petrogress has signed a memorandum of understanding with A&E Petrol Nigeria (A&E Petrol) through its subsidiary Petrogress International (PIL) to form a joint venture company named P&A Nigeria Oil Co. (PANOC).
PANOC is expected to engage in operation of storage tank facilities, supply, sea transportation, distribution and sale of gas oil and other petroleum products, including crude oil originated in Nigeria with capital investment of about $5 million.
The A&E Petroleum is the current owner and operator of the storage tank facilities to be operated by PANOC
The new company will be involved in the supply, transportation and distribution of oil and gas in Nigeria.
PIL and A&E Petrol will hold 55% and 45% interests, respectively, in the new company.
Based in the US, Petrogress is an owner and operator of a fleet of tankers, while A&E Petrol Nigeria is a Nigerian oil and gas company.
The transaction will expand Petrogress’ operations in Nigeria.