Aegean Marine Petroleum Network Inc. Announces Acquisition of Marine Fuel Logistics Company Expands Global Network of Marine Fuel Service Centers into Northern Europe;

Company Acquires Two Bunkering Tankers



    PIRAEUS, Greece, Oct. 10 /PRNewswire-FirstCall/ -- Aegean Marine
 Petroleum Network Inc. (NYSE:   ANW), an international marine fuel logistics
 company that markets and physically supplies refined marine fuel and
 lubricants to ships in port and at sea, today announced that it has
 acquired Bunkers at Sea, a Belgium-based marketer and independent physical
 supplier of marine fuel to vessels in port and at sea. Concurrent with this
 acquisition, Aegean purchased the Sara, a 1990-built and 2003-upgraded
 7,233 double-hull bunkering tanker, and the Vera, a 1985-built 2,642
 single-hull bunkering tanker, which are both operated by Bunkers at Sea.
     As one of the only offshore suppliers in Northern Europe, Bunkers at
 Sea serves approximately 45 ports located throughout the region, including
 the North and Irish Seas, the French Atlantic, the English Channel and St.
 George Channel. In 2006, the company recorded total marine fuel sales
 volumes of more than 325,000 metric tons utilizing its flexible operation
 to rapidly deploy refined marine fuel across an extensive and fragmented
 market with varying demand patterns. In addition to the Sara and the Vera,
 Aegean intends to deploy the Aegean Princess, a 1991-built 7,030 dwt
 double-hull bunkering tanker, to Northern Europe.
     E. Nikolas Tavlarios, President, commented, "The strategic acquisition
 of Bunkers at Sea expands our global network for the physical supply of
 marine fuel and provides immediate access to the core Northwest European
 market, resulting in further expansion opportunities. In addition to
 establishing a presence in this broad geographical region, the company's
 high-quality operations and sophisticated logistics for the delivery of
 marine fuel provide an ideal fit for Aegean. Our plan is to drive sales
 volumes throughout Northern Europe by operating three bunkering tankers as
 we take advantage of the significant number of underserved ports located in
 this vast commercial ship market and leverage our expanded customer base."
     Bunkers at Sea will operate as a wholly owned subsidiary of Aegean and
 maintain its service center, which includes all marketing and operational
 functions, based in Antwerp, Belgium. The office, which will be expanded to
 increase Aegean's presence in Northern Europe, will be led by the
 co-founders of Bunkers at Sea, Jack Doornbos and Reginald Robyn.
     "We are very excited about the opportunities created by joining
 Aegean's global service center network," said Mr. Doornbos. "Aegean has
 established itself as the leading independent full-service provider of
 marine fuel services, and working with the company will increase our
 ability to strengthen and grow our position in the region."
     Ziad Nakhleh, Chief Financial Officer, stated, "The acquisition of
 Bunkers at Sea, which has been financed through our existing capital
 structure, meets our strict long-term return criteria. Moreover, we believe
 this acquisition will be seamlessly integrated into our existing operating
 structure and immediately accretive to earnings and cash flow. Our strong
 financial position has enabled Aegean to act decisively in acquiring
 Bunkers at Sea and capitalize on the attractive opportunities in Northern
 Europe for the benefit of our shareholders."
     About Aegean Marine Petroleum Network Inc.
     Aegean Marine Petroleum Network Inc. is an international marine fuel
 logistics company that markets and physically supplies refined marine fuel
 and lubricants to ships in port and at sea. As a physical supplier, the
 Company purchases marine fuel from refineries, major oil producers and
 other sources. Through its service centers in Greece, Gibraltar, Singapore,
 Jamaica, the United Arab Emirates and West Africa, the Company sells and
 delivers these fuels to a diverse group of ocean-going and coastal ship
 operators and marine fuel traders, brokers and other users.
     Cautionary Statement Regarding Forward-Looking Statements
     Matters discussed in this press release may constitute forward-looking
 statements. The Private Securities Litigation Reform Act of 1995 provides
 safe harbor protections for forward-looking statements in order to
 encourage companies to provide prospective information about their
 business. Forward- looking statements include statements concerning plans,
 objectives, goals, strategies, future events or performance, and underlying
 assumptions and other statements, which are other than statements of
 historical facts.
     The Company desires to take advantage of the safe harbor provisions of
 the Private Securities Litigation Reform Act of 1995 and is including this
 cautionary statement in connection with this safe harbor legislation. The
 words "believe," "intend," "anticipate," "estimate," "project," "forecast,"
 "plan," "potential," "may," "should," "expect" and similar expressions
 identify forward-looking statements. The forward-looking statements in this
 press release are based upon various assumptions, many of which are based,
 in turn, upon further assumptions, including without limitation, our
 management's examination of historical operating trends, data contained in
 our records and other data available from third parties. Although we
 believe that these assumptions were reasonable when made, because these
 assumptions are inherently subject to significant uncertainties and
 contingencies which are difficult or impossible to predict and are beyond
 our control, we cannot assure you that we will achieve or accomplish these
 expectations, beliefs or projections.
     In addition to these important factors, other important factors that,
 in our view, could cause actual results to differ materially from those
 discussed in the forward-looking statements include our ability to manage
 growth, our ability to maintain our business in light of our proposed
 business and location expansion, our ability to obtain double hull
 secondhand bunkering tankers, the outcome of legal, tax or regulatory
 proceedings to which we may become a party, adverse conditions in the
 shipping or the marine fuel supply industries, our ability to retain our
 key suppliers and key customers, material disruptions in the availability
 or supply of crude oil or refined petroleum products, changes in the market
 price of petroleum, including the volatility of spot pricing, increased
 levels of competition, compliance or lack of compliance with various
 environmental and other applicable laws and regulations, our ability to
 collect accounts receivable, changes in the political, economic or
 regulatory conditions in the markets in which we operate, and the world in
 general, our failure to hedge certain financial risks associated with our
 business, our ability to maintain our current tax treatments and our
 failure to comply with restrictions in our credit agreements and other
 factors. Please see our filings with the Securities and Exchange Commission
 for a more complete discussion of these and other risks and uncertainties.
 
 

SOURCE Aegean Marine Petroleum Network Inc.

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