News Brief | October 2014
Aegis Logistics forms JV with Itochu for LPG sourcing
Aegis Logistics is forming a JV with Japan´s Itochu Petroleum Co. for its Singapore based LPG sourcing and supply business. For the JV, Aegis will be divesting its 40 per cent stake in its Singaporean subsidiary, Aegis Group International Pte Limited, for a consideration of $5.85 million. The JV seeks to strengthen the PG sourcing, supply and shipping capabilities along with supporting the company in building a new liquefied petroleum gas terminal capacity in the future. With rising demand for LPG the partnership would significantly expand and scale up its LPG division and fuel the firm´s sales growth, earnings and size in the medium term, the company said. The firm provides logistics to importers and exporters of oil, chemicals and petroleum products.