NetworkNewsBreaks – Petrogress, Inc. (PGAS) Subs
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Posted On: 12/19/2017 6:29:26 PM
NetworkNewsBreaks – Petrogress, Inc. (PGAS) Subsidiary Enters Joint Venture MOU with EDT Agency Services
Diversified marine transport and offshore services company Petrogress, Inc. (OTC: PGAS), through subsidiary Petrogress Int’l, LLC (“PIL”), this morning announced its entry into a Memorandum of Understanding (“MOU”) with EDT Agency Services, Ltd. to combine the companies’ operations at the Port of Limassol, as well as future developments at Vassiliko Energy Port, where the Cyprus Port Authority has announced plans for the construction of a $300 million industrial and energy harbor. Per the update, the MOU calls for a 50/50 partnership between EDT and PIL, operating under PIL’s PG Cypyard & Offshore Terminal Services Ltd., with the goal of providing support services for supply vessels and offshore exploration and production platforms. “Our joint venture with EDT Offshore greatly expands the scope of PGC’s Port of Limassol operations,” Christos P. Traios, CEO of Petrogress, stated in the news release. “Joining our port facilities will allow us to serve the E&P needs of major international oil companies in the Cyprus EEZ. Our companies’ combined port operations and services business not only provide for enhanced revenue streams, but also ensure our future in this important international market, both in Limassol and Vassiliko.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Diversified marine transport and offshore services company Petrogress, Inc. (OTC: PGAS), through subsidiary Petrogress Int’l, LLC (“PIL”), this morning announced its entry into a Memorandum of Understanding (“MOU”) with EDT Agency Services, Ltd. to combine the companies’ operations at the Port of Limassol, as well as future developments at Vassiliko Energy Port, where the Cyprus Port Authority has announced plans for the construction of a $300 million industrial and energy harbor. Per the update, the MOU calls for a 50/50 partnership between EDT and PIL, operating under PIL’s PG Cypyard & Offshore Terminal Services Ltd., with the goal of providing support services for supply vessels and offshore exploration and production platforms. “Our joint venture with EDT Offshore greatly expands the scope of PGC’s Port of Limassol operations,” Christos P. Traios, CEO of Petrogress, stated in the news release. “Joining our port facilities will allow us to serve the E&P needs of major international oil companies in the Cyprus EEZ. Our companies’ combined port operations and services business not only provide for enhanced revenue streams, but also ensure our future in this important international market, both in Limassol and Vassiliko.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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