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Aegean in $367 million acquisition of port reception facilities services group

H.E.C. Europe and other firms are owned and controlled by Aegean’s founder and former Head of Corporate Development.
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Global bunkering firm Aegean Marine Petroleum Network on Tuesday announced an approximate $367 million acquisition of H.E.C. Europe Limited (H.E.C.), the parent company of Hellenic Environmental Center S.A. and a group of companies that together provide global port reception facilities services.

H.E.C. and the group of companies are owned and controlled by Dimitris Melisanidis, Aegean’s founder and former Head of Corporate Development and certain members of his family, and members of the Agiostratitis family.

According to Aegean, the transaction is expected to help diversify Aegean’s current business model and reduce its dependency on bunker-market related sales.

The H.E.C. Group can leverage Aegean’s existing team and port relationships to expedite its market penetration, while significant synergies can be potentially achieved by repurposing/redeploying idle or underutilised Aegean vessels and consolidating corporate facilities.

The combination of the H.E.C. Group and Aegean will create one of the largest providers of port reception facility services. The companies expect future environmental regulatory trends to generate increased and sustainable demand for H.E.C. Group’s services.

“For the past several quarters, the Board and senior management have contemplated strategic options for Aegean reflecting the prospects of the traditional bunkering business, the challenges associated with the transition towards a market with a different product mix and the ever-growing needs of the shipping industry for greener products and services,” said Yiannis Papanicolaou, Chairman of the Board of Directors of Aegean.

“The acquisition of H.E.C., a world leader in its field, is our first decisive step in the direction of combining higher profitability for our shareholders with environmental sustainability and social accountability.

“Our next priority is the elaboration of a roadmap to operate successfully within the new landscape post-2020 IMO regulatory changes and beyond.”

Dimitris Melisanidis, founder of both Aegean and H.E.C. stated: “The combination of Aegean and H.E.C., two companies that I have been involved with since their creation, unites two businesses that are essential to shipping.”

“Just as Aegean has grown to become a worldwide brand synonymous with high quality physical supply of bunker fuels, H.E.C.’s business has the opportunity to expand globally, and become the market leader in the provision of essential environmental services to vessels and ports.

“I am happy to return as part of the group that will be the largest shareholder of the combined company as we focus on improving the overall health of the combined business and commit ourselves to a greener world.” 

Aegean expects the acquisition to increase the company’s 2018 revenue by approximately $60 to 65 million.

Photo credit: Aegean Marine Petroleum Network
Published: 21 February, 2018
 

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Winding up

Singapore: Annual general meetings scheduled for Xihe Holdings subsidiaries

Annual general meetings of companies/creditors will be held electronically from between 21 July to 5 for 11 subsidiaries of Xihe Holdings.

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July 7, 2026

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Several notices were published on the Government Gazette on Tuesday (26 May) regarding the annual general meetings of the companies and creditors to be held electronically from between 21 July to 5 August for 11 subsidiaries of Xihe Holdings. 

Annual general meetings for Xin Dun Shipping are to be held on 21 July at the following time:

  • For the company and creditors: 4pm

Annual general meetings for Xin Ya Shipping are to be held on 24 July at the following time:

  • For the company and creditors: 3pm

Annual general meetings for Xin Chun Shipping are to be held on 21 July at the following times:

  • For the company: 2pm
  • For the creditors: 3pm

Annual general meetings for Nan Sia Maritime are to be held on 24 July at the following time:

  • For the company and creditors: 2pm

Annual general meetings for Nan Hai Maritime are to be held on 23 July at the following time:

  • For the company and creditors: 3pm

Annual general meetings for Hua Xin Shipping are to be held on 4 August at the following time:

  • For the company and creditors: 3pm

Annual general meetings for Hua Kang Shipping are to be held on 23 July at the following time:

  • For the company and creditors: 2pm

Annual general meetings for Hua Gang Shipping are to be held on 4 August at the following time:

  • For the company and creditors: 2pm

Annual general meetings for Hua An Shipping are to be held on 22 July at the following time:

  • For the company and creditors: 4pm

Annual general meetings for Dong Fang Shipping are to be held on 22 July at the following times:

  • For the company: 2pm
  • For the creditors: 3pm

Annual general meeting for Nan Ya Maritime is to be held on 5 August at the following time:

  • For the company: 2pm

The agenda for all the meetings are:

  • To receive an update on the liquidation.
  • To receive an account of the Liquidators’ acts and dealings, and of the conduct of the winding up.

The following are the details of the liquidator: 

Ho May Kee
Liquidator
c/o 8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960

 

Photo credit: Benjamin Child
Published: 7 July, 2026

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Methanol

CRI delivers world’s largest e-methanol reactor to Liaoyuan project in China

First phase of the project has a production capacity of 170,000 mt of renewable methanol annually, supporting demand for low-carbon fuels in shipping, chemicals, and other sectors.
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CRI delivers world’s largest e-methanol reactor to Liaoyuan project in China

Carbon Recycling International (CRI) has recently delivered the largest of its kind e-methanol reactor for the Liaoyuan E-Methanol Project in Jilin Province, China. 

CRI, a company that develops and deploys technology that converts carbon dioxide emissions into renewable methanol, said the delivery and successful installation of CRI’s proprietary methanol converter reactor is a major construction milestone. 

“The project continues to progress according to plan toward commissioning and start-up later this year,” it said. 

The Liaoyuan project is being developed by CRI’s client Tianying Group (CNTY) and once commissioned will become the largest e-methanol facility in operation globally. 

The first phase has a production capacity of approximately 170,000 metric tonnes (mt) of renewable methanol annually from green hydrogen and captured biogenic carbon dioxide, supporting the growing demand for low-carbon fuels in shipping, chemicals, and other sectors seeking practical and scalable pathways to decarbonisation.

The methanol converter reactor forms the core of CRI’s proprietary Emissions-to-Liquids (ETL) technology. Designed and supplied by CRI, the reactor is where renewable hydrogen and captured carbon dioxide are converted into renewable methanol through the company’s proven industrial-scale process. It has been specifically designed and constructed with operational flexibility as a key feature and represents the third generation of CRI’s e-methanol reactor design.

The successful installation represented a significant construction milestone and marked the transition to the final stages of project execution.

“The installation of the methanol converter reactor is an important milestone for both Tianying and CRI,” said John Milner, Project Manager at Carbon Recycling International. 

“The reactor is the core of our ETL technology and embodies nearly two decades of innovation, engineering development, and commercial operating experience. Seeing this equipment installed at one of the world’s most ambitious renewable energy projects is a proud moment for our team and a major milestone as the Liaoyuan facility advances toward commissioning and start-up.”

CRI’s technology is already deployed at commercial scale at the company’s reference plants in Anyang and Lianyungang, and the Liaoyuan project represents the next step in the continued deployment of carbon recycling technology to support the production of renewable fuels and chemicals.

 

Photo credit: Carbon Recycling International
Published: 7 July, 2026

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Business

Bunker Oil inks four-year bunker fuel supply deal with Norwegian Defence Materiel Agency

Framework agreement, which entered into force on 1 July, is for the supply of fuel to vessels belonging to the Navy, Coastal Hunter Command, Coast Guard and Governor of Svalbard, among others.
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Bunker Oil inks four-year bunker fuel supply deal with Norwegian Defence Materiel Agency

Norwegian marine fuel supplier Bunker Oil on Friday (3 July) said it has signed a new four-year framework agreement with the Norwegian Defence Materiel Agency for the supply of marine fuel.

The fuel will be supplied to vessels belonging to the Navy, the Coastal Hunter Command, the Coast Guard, the Governor of Svalbard, the Norwegian Coastal Administration, the Institute of Marine Research and the Norwegian Defence Research Establishment, among others.

The new agreement entered into force on 1 July, following the expiry of the current agreement on 30 June 2026. 

The agreement covers the delivery of fuel from Bunker Oil’s plants, tankers and tankers along the entire Norwegian coast – from Kirkenes in the north to Egersund in the south.

The company said Bunker Oil’s strong presence along the coast has been a decisive factor. 

“The authorities have signalled increased activity and presence from the Navy and the Coast Guard in the waters off Troms and Finnmark,” the company said.

“With large facilities in Kirkenes, Båtsfjord, Honningsvåg, Hammerfest and Tromsø, in addition to several smaller facilities, Bunker Oil is well equipped for increased activity in the High North. The facilities in Tromsø, with their proximity to Olavsvern, will be particularly important during the agreement period.”

The deliveries will vary in size – from a few thousand litres for the Coastal Ranger Command’s smaller vessels, to several hundred cubic metres for the Navy’s other fleet.

The contract’s financial framework is estimated at NOK 1.2 to 1.5 billion (USD 122.59 million to USD 153.24 million), and the agreement will have a major impact on activity at Bunker Oil’s facilities along the entire coast.

A renewal of the Navy’s fleet is also underway, and Bunker Oil said it is looking forward to supplying fuel to the new vessels as well.

“We look forward to four more years as a supplier of fuel to the Norwegian Defence Materiel Agency,” said Tore Slinning, contract manager at Bunker Oil.

“The agreement is of great importance to Bunker Oil, in addition to the fishing fleet, which is still by far our largest and most important customer group.”

 

Photo credit: Bunker Oil
Published: 7 July, 2026

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