800 Commerce Inc., a provider of merchant processing and mobile commerce solutions, recently completed its acquisition of West Africa-based Petrogres Co. Limited and all its subsidiaries and assets.
Petrogres, founded in 2009, is an oil and liquid natural gas (LNG) shipping company operating in the Marshall Islands, Greece and the United States. The company quickly became a majority player in West Africa with its four vessels pushing crude oil and oil product.
"Petrogres with our almost monopoly in our regional business, investments, and wholly-owned assets will provide us greater control over the oil sourcing and shipping of our petroleum products, which in turn, create a foundation for diversified income streams, and give us a significant competitive advantage in the West Africa market place,” Christos Traios, new CEO of the company, said.
Petrogres is in discussions with potential customers and hopes to purchase three LNG vessels, an act that would allow it to become the first marine freight transport company based in Greece and the United States.
Liquefied natural gas will be a major player for Petrogres as it looks to diversify since consumers have been increasingly looking for environmentally friendly fuel sources.