GENEVA, Dec. 17, 2019 — Minerva Bunkering (Pte) Ltd has purchased 100 percent of the share capital of CEPSA Panama SA from COMPAÑÍA ESPAÑOLA DE PETRÓLEOS, 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. “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.