- Petrogress’ Subsidiary Signs Partnership Agreement with a Ghanaian oil refinery and processing company
- Forecasts indicate that the value of the Ghanaian oil and gas industry will triple to US$60 Billion by 2022
New York, March 28, 2018 (GLOBE NEWSWIRE) -- Petrogress, Inc. (OTC: PGAS) Petrogress, Inc.’s subsidiary, Petrogress Co., Ltd. (PGL), has entered into a Partnership Agreement with Platon Gas Oil Ghana. PGL anticipates delivery of 3,000-5,000 metric tons of crude oil each month to Platon’s facilities for storage and processing into diverse petroleum products. Petrogress will participate in refinery expansion plans and, with Platon, will market and distribute the refined petroleum products in Ghana and neighboring countries.
Petrogress believes the partnership with Platon should
- Grow sales and net profits for Petrogress, while providing assurances of continued transactions and secured sales
- Provide for significant production upgrading at the refinery, going from current processing capacity of 75,000 barrels per month to 200,000 barrels per month
- Widen Petrogress’ presence in the refining oil sector, as production expands to meet the huge demand in West Africa for refined petroleum products
Petrogress expects significant opportunities in West Africa. The Economist (http://nnw.fm/J9S3v), reports that Ghana holds special promise for long-term development prospects, noting that the Ghana National Petroleum Corporation (GNPC) forecasts the value of the Ghanaian oil and gas industry will triple to US$60 Billion by 2022. The Jubilee production region remains active, and the Mahogany, Teak, and Akasa discovery regions in the nation’s west are being developed by major international producers. The country’s Petroleum Commission has allocated rights to develop 16 other fields (http://nnw.fm/Z9V9o), including the Saltpond Field, in which Petrogress has an interest.
Petrogress Principal and CEO, Mr. Christos P. Traios, stated, “We are excited about our partnership with Platon and believe it is an excellent opportunity for Petrogress to not only expand its West Africa supply operations but also to join with a strong, experienced refinery partner. The needs and demand for refined petroleum products in Ghana and neighboring countries already exceeds local capacity and grows consistently. Our companies’ combined facilities, assets and services are not only expected to provide for enhanced revenue streams, but also strengthen our footprint in West Africa.”
About Petrogress, Inc.
Petrogress, Inc. (OTC: PGAS) is a fully-integrated oil and gas company based in New York City. It trades, ships and refines crude oil in West Africa and the eastern Mediterranean, and is a global merchant of petroleum products The company operates chiefly as a holding company for its operating subsidiaries: Petrogres Co. Limited and Petronav Carriers LLC, which own and operate its tanker fleet; Petrogress Oil & Gas Energy, Inc., an oil and gas production company; and Petrogress Int’l, LLC, the owner and manager of Petrogres Africa Co. Limited, which operates service and shipping facilities at the Port of Tema, Greater Accra, in Ghana, and PG Cypyard & Offshore Terminal Services Ltd., which operates similar facilities at Limassol, in Cyprus. Petrogress connects producers and end-users of commodities, concentrating on the supply and trade of light petroleum fuel oil (LPFO), refined oil products, and other petrochemical products to local refineries, employing its market knowledge, logistics, and infrastructure to move physical commodities from places of abundance to where they are in demand.
About PGL
Petrogres Co. Limited, is a Marshall Islands corporation. PGL operates as an international merchant of petroleum products specializing in crude oil and refined products trade within West African and Mediterranean countries, with a focus on the supply and trade of light petroleum fuel oil, refined oil products and other petrochemical commodities. Such products are shipped and delivered by its four beneficially-owned affiliated vessels.
About PGO
Platon Gas Oil Ghana Limited, a limited liability company incorporated in Ghana, is the current owner and operator of storage tank and refinery facilities in Ghana, in which it stores and refines petroleum products and distributes such products to local customers. PGO presently has the capacity to refine up to 10,000 metric tons of petroleum products or 75,000 barrels per month.
Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, trends, analysis, and other information contained in this press release including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," and other similar expressions of opinion, constitute forward-looking statements. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in Petrogress ' reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents Petrogress’ estimates as of the date of the press release, and subsequent events and developments may cause Petrogress’ estimates to change. Petrogress specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Petrogress’ estimates of its future financial performance as of any date subsequent to the date of this press release.
For more information, visit the company’s website at www.PetrogressInc.com.