New York-listed Aegean Marine Petroleum Network Inc. has on Tuesday announced plans to build a three-million-barrel in-land storage facility in the UAE, after signing a 25-year terminal lease agreement with the local authorities.
The new storage facility is expected to be completed within the next 18 to 24 months.
Aegean Marine intends to lease a portion of the facility upon completion to a third party, a move that would generate incremental income on top of the company's core physical bunker supply operations.
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