Aegean Marine Petroleum Network has entered into an agreement to acquire from Shell Espana the assets and operations of the Shell Las Palmas terminal in the Canary Islands, which is located near the northwest coast of mainland Africa. The acquisition is expected to close by the end of July.

The Shell Las Palmas terminal occupies an area of approximately 20,000sqmt, and includes a lubricants plant, in-land storage facilities totaling approximately 65,000 cubic meters in capacity as well as on-site blending facilities to sell all grades of fuel oils and distillates.

Las Palmas generates total annual marine fuel sales volumes in excess of approximately two million metric tons, of which Shell Espana had an approximate 18% market share and a 25% market share in fuel oil 380cst.

Aegean Marine intends to initially deploy two double-hull bunkering tankers to the Shell Las Palmas terminal. Following the sale of the terminal, Shell Espana will exit the Las Palmas marine fuel business. All employees of the terminal will be retained by Aegean Marine.

Nikolas Tavlarios, president of Aegean Marine, said: “With our agreement to acquire the Shell Las Palmas terminal, Aegean Marine continues to actively consolidate the fragmented marine fuel industry in a disciplined manner that meets a strict set of return criteria.

“Building on the successful acquisition of Verbeke Bunkering, our latest accretive acquisition further expands the company’s vast global network and provides strong growth potential.”