Global integrated supplier of marine fuels Peninsula Petroleum on Wednesday announced a further addition to its physical portfolio, this time in the Canary Islands.
Operating in the archipelago is another milestone in Peninsula’s strategy of offering clients a solutions based approach by combining physical deliveries in strategic ports along with reselling options provided by selected reselling partners.
“Despite the fact we’ve been active in that market for over 20 years, a few months ago the group decided to enhance its previous setup securing a long term agreement with a local storage company leasing all its tankage capacity for both fuel oil and gasoil,” said John A Bassadone, CEO and founder of Peninsula Petroleum.
“From January onwards, the new configuration gives us the ability to independently manage the whole supply chain, from refineries all the way through our customers’ vessels”.
According to the firm, a true physical supply presence in the Canaries puts Peninsula in an even stronger position to attend to the international traffic sailing through those waters from its regional headquarters.
“On top of the important economies of scale generated by adding Canaries to our portfolio the new operation makes a lot of sense from both the supply and the sales perspectives considering the synergies and optionality generated for suppliers and customers trading in our regional physical platform (ARA, Gib Strait, Barcelona and Malta),” adds Bassadone.
“We expect that particular area (the Canary Islands) will also play an even more important role in 2020 after implementation of the new global regulation.”
Photo credit: Peninsula Petroleum
Published: 17 January, 2019
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