Aegean buying up OW Bunker oil

Stock-listed Greek-American Aegean Petroleum Network has, according to several media, been buying up fuel oil from OW Bunker at an auction for around USD 12.5 million.

Photo: OW Bunker

Listed Greek-American Aegean Petroleum Network, which holds a USD 7.8 million claim in the bankrupt OW Bunker estate, has in the meantime been buying up part of the company's fuel oil at an auction in the US.

Several media outlets report that the company managed to acquire fuel in California. The American branch of Aegean has purchased 150,000 barrels of fuel oil which the company won at an auction in California with a bid of USD 12.5 million.

The company has also, according to Bunkerworld, made a deal with terminal Vopak in Los Angeles to acquire a stock of 31,000 tons (mt) owned by subsidiary OW Bunker Holding North America.

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Aegean Petroleum Network also holds a claim of USD 7.8 million in the bankrupt OW Bunker estate, company president Nikolas Tavlarios informed recently. Since the collapse of OW Bunker the company has tried to downplay its exposure to OW Bunker. According to Seatrade Global, Nikolas Tavlarious made the following comment in relation to Aegean's 3rd quarter interim report:

"There has been some measure of exposure to OW Bunker. It is important to note that our exposure is approximately $7.8m, which we expect to recover in full."

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