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.
$PGAS..ON JUNE 16, 2017..Limassol shipyard operator FAMA, enters deal with Petrogress
Limassol shipyard operator FAMA, enters deal with Petrogress (Correct) 1 ON JUNE 16, 2017 BUSINESS (Corrects reference to Petrogress participation in second paragraph)
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.
Petrogress, Inc. Enters Into MOU to Acquire Interest in Cyprus Shipyard
NEW YORK, NY -- (Marketwired) -- 06/30/17 -- Petrogress, Inc.(PGAS) announced today that it has entered into a Memorandum of Understanding with F & T Investments, Ltd., a Cyprus company. The parties have agreed to open a due diligence channel in furtherance of a future partnership or other combination to assist in a significant renovation of the F & T Shipyard in Limassol, Cyprus, and a joint facilities management and marketing agreement. In addition, Petrogress(PGAS) has provided F & T with interim financing to be credited against a possible capital financing arrangement.
F & T has managed operations of the Shipyard in the New Port of Limassol, the sole commercial port facility in Cyprus, for over 30 years, providing ship repair services, offshore rig construction, oil field services and shipyard support. The Shipyard is complete with a floating dry dock, private berthing facilities, machine shop and covered workspaces. F & T and Petrogress(PGAS) will study expansion of the Limassol Shipyard to significantly expand these facilities to provide services and support to the Aphrodite and Leviathan Gas Fields off the Cypriot and Israeli coasts, and other offshore development and production projects in the Cyprus Exclusive Economic Zone.
CYPRUS ROLE IN ENERGY
Cyprus can and should play a key role in the European Union's energy security. Cyprus EEZ is contained within the Levantine Deep Marine Basin, with confirmed reserves of approximately 2,000 billion cubic meters (bcm) of gas, and on-going exploration activities constantly adding to these reserves. Apart from its role as a producer, Cyprus is located at the cross-roads of sea lanes and probable pipeline routes connecting Europe and the Middle East, and should become a regional hub for E&P and transmission activities. Recent developments have attracted worldwide interest and significant investments from energy giants including Noble Energy, DELEK, TOTAL, Chevron, ExxonMobile, ENI and KOGAS. The New Port of Limassol is well-positioned to serve marine construction, transport and offshore service needs for exploration and production activities throughout the East Mediterranean. https://finance.yahoo.com/news/petrogress-inc-enters-mou-acquire-130000215.html
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