Petrogress, Inc. Enters Into MOU to Acquire Intere
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Posted On: 07/22/2017 9:04:51 PM
Petrogress, Inc. Enters Into MOU to Acquire Interest in Cyprus ShipyardCompany Provides Bridge Financing and Commences Due Diligence
MARKET WIRE 9:00 AM ET 6/30/2017
http://www.otcmarkets.com/stock/PGAS/news
https://finance.yahoo.com/news/petrogress-inc...00215.html
NEW YORK, NY -- (Marketwired) -- 06/30/17 -- Petrogress, Inc.(PGAS) announced today that it has entered into a Memorandum of Understanding with F & T Investments, Ltd., a Cyprus company. The parties have agreed to open a due diligence channel in furtherance of a future partnership or other combination to assist in a significant renovation of the F & T Shipyard in Limassol, Cyprus, and a joint facilities management and marketing agreement. In addition, Petrogress(PGAS) has provided F & T with interim financing to be credited against a possible capital financing arrangement.
F & T has managed operations of the Shipyard in the New Port of Limassol, the sole commercial port facility in Cyprus, for over 30 years, providing ship repair services, offshore rig construction, oil field services and shipyard support. The Shipyard is complete with a floating dry dock, private berthing facilities, machine shop and covered workspaces. F & T and Petrogress(PGAS) will study expansion of the Limassol Shipyard to significantly expand these facilities to provide services and support to the Aphrodite and Leviathan Gas Fields off the Cypriot and Israeli coasts, and other offshore development and production projects in the Cyprus Exclusive Economic Zone.
CYPRUS ROLE IN ENERGY
Cyprus can and should play a key role in the European Union's energy security. Cyprus EEZ is contained within the Levantine Deep Marine Basin, with confirmed reserves of approximately 2,000 billion cubic meters (bcm) of gas, and on-going exploration activities constantly adding to these reserves. Apart from its role as a producer, Cyprus is located at the cross-roads of sea lanes and probable pipeline routes connecting Europe and the Middle East, and should become a regional hub for E&P and transmission activities. Recent developments have attracted worldwide interest and significant investments from energy giants including Noble Energy, DELEK, TOTAL, Chevron, ExxonMobile, ENI and KOGAS. The New Port of Limassol is well-positioned to serve marine construction, transport and offshore service needs for exploration and production activities throughout the East Mediterranean.
MARKET WIRE 9:00 AM ET 6/30/2017
http://www.otcmarkets.com/stock/PGAS/news
https://finance.yahoo.com/news/petrogress-inc...00215.html
NEW YORK, NY -- (Marketwired) -- 06/30/17 -- Petrogress, Inc.(PGAS) announced today that it has entered into a Memorandum of Understanding with F & T Investments, Ltd., a Cyprus company. The parties have agreed to open a due diligence channel in furtherance of a future partnership or other combination to assist in a significant renovation of the F & T Shipyard in Limassol, Cyprus, and a joint facilities management and marketing agreement. In addition, Petrogress(PGAS) has provided F & T with interim financing to be credited against a possible capital financing arrangement.
F & T has managed operations of the Shipyard in the New Port of Limassol, the sole commercial port facility in Cyprus, for over 30 years, providing ship repair services, offshore rig construction, oil field services and shipyard support. The Shipyard is complete with a floating dry dock, private berthing facilities, machine shop and covered workspaces. F & T and Petrogress(PGAS) will study expansion of the Limassol Shipyard to significantly expand these facilities to provide services and support to the Aphrodite and Leviathan Gas Fields off the Cypriot and Israeli coasts, and other offshore development and production projects in the Cyprus Exclusive Economic Zone.
CYPRUS ROLE IN ENERGY
Cyprus can and should play a key role in the European Union's energy security. Cyprus EEZ is contained within the Levantine Deep Marine Basin, with confirmed reserves of approximately 2,000 billion cubic meters (bcm) of gas, and on-going exploration activities constantly adding to these reserves. Apart from its role as a producer, Cyprus is located at the cross-roads of sea lanes and probable pipeline routes connecting Europe and the Middle East, and should become a regional hub for E&P and transmission activities. Recent developments have attracted worldwide interest and significant investments from energy giants including Noble Energy, DELEK, TOTAL, Chevron, ExxonMobile, ENI and KOGAS. The New Port of Limassol is well-positioned to serve marine construction, transport and offshore service needs for exploration and production activities throughout the East Mediterranean.
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