About Petrogress

Petrogress, Inc. operates as an integrated energy company. The company engages in the Downstream and Midstream segments. The Downstream segment comprises refining of crude oil into petroleum products, marketing of crude oil and the refined products; marine transportation, marketing, and retailing of gas oil, naphtha, fuels and lubricants. The company is involved in diversified oil and gas activities throughout its branches and representations in Europe and Africa. The company also provides sea-transportation services -as an independent established maritime company- by its tankers fleet either for its own oil products or third parties. Since last year, the company entered into the retailing market by operating a number of Gas-filling stations in Greece. The company operates as a holding company and conducts business primarily through its subsidiaries: Petronav Carriers LLC., which manages day-to-day operations of the tankers fleet; and Petrogress Int’l LLC., which engages in crude oil purchase and sales. The company’s business operates in the downstream and midstream sectors of the energy industry, where it acquires and supplies crude oil, and engages in the refining and marketing of refined products and lubricants. As a supplier, the company procures crude oil from its direct sources and delivers by its tankers’ fleet to buyers’ destinations. With service centers in the East Mediterranean and West Africa, the company is one of a limited number of independent suppliers that owns and operates a fleet of supplying vessels and conducts physical supply operations in multiple jurisdictions. The company provides its customers with services that require sophisticated logistical operations designed to meet their strict oil quality and delivery scheduling needs. Its extensive experience and management systems allow the company to meet its customers' specific requirements when they purchase and take delivery of crude oil, refined products and lubricants around the areas in which the company operates. The company’s strategy is to leverage its strengths to deliver energy to a growing world. Effected as on November 2020, the company concluded the negotiations to lease two Gas refilling stations in the Mainland of South Greece. The procedures for the obtaining the operating licenses from the local authorities are in progress, simultaneously with the preparation of gas stations designs and drawings in order to commence the modernization and renovation under the company’s brand names. As of November 2021, the company’s first gas station commenced its operations and the company estimates to complete and has the additional one ready for operations within 2022. The company sells crude oil and gas oil from its producing operations under a variety of contractual obligations. The company, through its wholly owned subsidiary, Petronav Carriers LLC., is operating as an international maritime company servicing by its tankers fleet the sea-transportation of liquid products. Its fleet is mostly employed in long-term by the affiliated company, Petrogress Int’l and ship its own products from the loading places to destinations. Sales and Marketing Most of the company’s marketing, sales, ship-management and other related functions are performed at its main office in Piraeus, Greece. The company’s sales force interacts with its established customers and markets the company’s oil sales and services to local distributors. Environmental and Other Regulations Government regulation significantly affects the ownership and operation of the company’s vessels. They are subject to international conventions, national, state and local laws, regulations and standards. These laws and regulations include OPA; the U.S. Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA); the U.S. Clean Water Act; MARPOL; regulations adopted by the IMO and the EU; various volatile organic compound air emission requirements; and various SOLAS amendments, as well as other regulations. The company’s vessels are subject to standards imposed by the IMO (the United Nations agency for maritime safety and the prevention of pollution by ships). The IMO has adopted regulations that are designed to reduce pollution in international waters, both from accidents and from routine operations. These regulations address oil discharges, ballasting and unloading operations, sewage, garbage, and air emissions. For example, Annex III of MARPOL, regulates the transportation of marine pollutants, and imposes standards on packing, marking, labeling, documentation, stowage, quantity limitations and pollution prevention. These requirements have been expanded by the International Maritime Dangerous Goods Code, which impose additional standards for all aspects of the transportation of dangerous goods and marine pollutants by sea. The operations of the company’s vessels are also affected by the requirements set forth in the ISM Code, which was adopted in July 1998. Under the U.S. Environmental Protection Agency (EPA) regulations, the company is required to obtain a CWA (the U.S. Clean Water Act) permit regulating and authorizing any discharges of ballast water or other wastewaters incidental to its normal vessel operations if the company operates within the three-mile territorial waters or inland waters of the United States. The company’s vessels are subject to the Federal Clean Air Act vapor control and recovery standards for cleaning fuel tanks and conducting other operations in regulated port areas and emissions standards for so-called ‘Category 3’ marine diesel engines operating in the U.S. waters. History Petrogress, Inc., a Delaware corporation, was founded in 2009.