International marine fuel logistics company Minerva Bunkering (Pte) Ltd on Tuesday (17 December) said it has purchased 100% of the share capital of CEPSA Panama SA from COMPANIA ESPANOLA DE PETROLEOS, S.A for an undisclosed amount.
“As one of the shipping industry’s great transit points, Panama is another key location where Minerva can add value to its customer base by providing reliable physical bunkering solutions,” said Tyler Baron, CEO of Minerva, in a company statement.
“With our strategic sources of low-sulfur fuel on the US Gulf Coast and West Coast, Minerva is well positioned to enhance the Panama market’s supply base in 2020 and beyond.”
CEPSA Panama’s name will be changed to align with Minerva’s ownership and it will join Minerva’s global physical network spanning 30 ports.
The company will continue to supply customers on both sides of the canal, with local staff supported by Minerva’s teams based in New York and Houston.
Published: 18 December, 2019
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Representatives of Veritas Petroleum Services, Maersk, INTERTANKO, ElbOil Singapore, and SDE International provide insight from their respective fields of expertise on what lies ahead.