Petrogress, Inc. (PGAS) is Strengthening Port Operations in Cyprus - NETWORK NEWS WIRE

December 28, 2017

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A recent announcement, which also appeared in the Greek media, shows that Petrogress, Inc. (OTC: PGAS) is doubling down in Cyprus. Through subsidiary Petrogress Int’l, LLC (“PIL”), the company has entered into a Memorandum of Understanding (MOU) with EDT Agency Services, Ltd., under which the two companies intend to combine operations at the Port of Limassol. The collaboration also extends to future developments at Vassiliko Energy Port, where the Cyprus Port Authority has announced plans for the construction of a $300 million industrial and energy harbor. 

The MOU calls for a 50/50 partnership between EDT and PIL, operating under PIL’s PG Cypyard & Offshore Terminal Services unit. The joint venture will provide support services to supply vessels and offshore exploration and production platforms and will help PGAS serve the E&P needs of major international oil companies in the Cyprus Exclusive Economic Zone (EEZ). The partnership is expected to not only boost PGAS’s revenues, but the company’s profile in Limassol and Vassiliko.


EDT provides services to oil and gas exploration and production companies worldwide, and it operates its fleet of specialized support vessels from facilities in Cyprus and Egypt. In 2013, the company established facilities at Limassol to support Houston, Texas-based Noble Energy, Inc.’s Aphrodite and Leviathan Field operations in the Cyprus Exclusive Economic Zone. Its facilities now include a mud plant, heliport services and shore base support for vessels conducting survey, diving, salvage and ROV operations in the Cyprus EEZ and Eastern Mediterranean.

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