Friday, June 30, 2017 4:20:40 PM
http://cyprusbusinessmail.com/?p=46896
Limassol shipyard operator FAMA, enters deal with Petrogress
By Stelios Orphanides
The chairman of FAMA Group, which operates the Limassol port shipyard, said that his company entered an agreement with Petrogress Inc. to provide related services to hydrocarbon companies.
Petrogress, a Piraeus-based oil trading, shipping, and storing company listed on NASDAQ, agreed to purchase a majority stake in FAMA’s parent company F & T Investments Ltd, Tomis Tziortzis said in an interview.
As part of the agreement, FAMA will invest $20m (€18m) in a new floating dock with a capacity of 8,500 tonnes which will provide repair and other related services to hydrocarbon companies operating in the eastern Mediterranean, Tziortzis said. “We will cover their needs to 100 per cent”.
FAMA, which in 2015 entered an agreement with Shipyard Famagusta, operating at the port of Famagusta in Cyprus’s Turkish occupied area, will maintain the agreement with its Turkish Cypriot partners, Tziortzis said.
Shipyard Famagusta utilises the area and facilities of Famagusta’s shipyard which Tziortzis’s family operated the summer of July 1974.
Tziortzis said that the agreement with Petrogress, signed on Sunday, will produce 150 new jobs at the Limassol shipyard.
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM