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OW Bunker, one of the world's leading physical distributors and resellers of marine fuels, today (August 11) announced that it has entered into a partnership with Colombian fuel marketing and transportation company Petrocosta CI SA. The agreement is aimed at further developing OW Bunker's marine fuel physical distribution network in Colombia and supporting its growing presence across Latin America.

Through the venture, Petrocosta CI.SA will handle the sourcing, blending and storage as well as the transportation of marine fuel products. OW Bunker will be responsible for the sale and marketing of products through its existing network as well as providing risk management and other related services.

A full range of high quality marine fuels, including low sulphur fuel oil and marine gas oil, as well as lubricants will be available in Cartagena through the partnership initially, with potential expansion into key ports along Colombia’s Caribbean Sea coast where Petrocosta operates, OW Bunker said.

Pedro Gómez, Regional Manager, OW Bunker Latin America, commented: "As Latin America’s trade growth is poised to rise, entering into a strategic partnership with Petrocosta CI. SA, is a strategic, timely move that will allow us to further strengthen and expand our services for customers in Colombia. Based on our existing relationship, we are mutually confident that our ambitions and operational synergies are closely aligned. Combining OW Bunker’s strong financial position, global network and local presence with Petrocosta’s strong distribution capabilities, market expertise and access to the highest quality products, provides a very strong, integrated customer proposition that will also benefit both companies’ growth plans."

The initiative follows the opening of OW Bunker’s office in Cartagena in January 2014 and builds upon the company’s presence across the Latin America region that include physical distribution and marketing operations in Panama, Uruguay and Brazil and a sales office in Chile.

Headquartered in the Port of Cartagena, Petrocosta has a fleet of five distribution vessels; Marinse I (1,200 MT), Pontomar (47,900 MT), Petrocosta I (300 MT), Petrocosta II (650 MT for IFO and 200 MT for MGO), and floating storage vessel Statia (8500 MT), all of which are said to have been configured for safe and speedy delivery in port and at outer port limits.

Petrocosta CI. SA is said to source all of its fuel products from local refineries and independent oil fields. Straight run fuel is transported to the company’s floating storage unit for blending and processing according to ISO regulations. All products are said to be independently tested and verified before delivery to customers in accordance with OW Bunker’s 'Global Quality Standard'.

Antonio H Reinoso, Petrocosta Commercial Director remarked: "OW Bunker has access to a global customer network, as well as the financial strength to help facilitate our market growth, especially as there is potential to increase our reach across Colombia’s northern coast. With over 15 years experience in the marine fuels market, we are proud to have a partner with such strong brand recognition, operational expertise as well as a range of value-added services. Through this agreement, we will create a stronger, more flexible marine fuel supply chain for our customers in Colombia."