Bunker company Aegean Marine Petroleum has moved a step closer to landing a billion dollar credit deal with US energy trader Mercuria that was announced earlier in the summer.
In June, Aegean and Mercuria Energy Group announced that they had signed a memorandum of understanding which aims to refinance the bunker company with a credit facility of USD 1 billion and closer collaboration long-term.
The deal follows a tumultuous period for Aegean which ended with a group of critical shareholders taking over the company board.
Thursday, the parties announced that they had signed a deal making Mercuria Aegean's only lender. For starters, the deal ensures a USD 30 million loan for Aegean.
The parties will now work towards landing the rest of the deal, which issues Aegean with two ongoing credit deals valued at USD 250 and USD 750 million, respectively, keeping Aegean running until at least January 30, 2019.
English Edit: Lena Rutkowski