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Aegean Marine Petroleum Network has purchased fuel oil at a US auction that was previously owned by bankrupt firm OW Bunker, according to media reports.

The Greek supplier is said to have bought 150,000 barrels of bunker fuel for $12.5 million. Aegean is reported to have also agreed to take over OW Bunker's storage contract at the Vopak storage terminal in Los Angeles, which holds around 31,000 metric tonnes of bunker fuel and which the bankrupt company began utilizing in April 2014. The move could signify that Aegean is about to launch a bunker supply operation in California.

During Aegean's last earnings call on November 25, E. Nikolas Tavlarios, president of Aegean Marine Petroleum Network, confirmed that $7.8 million was owed to them by OW Bunker.

"There has been some measure of exposure to OW Bunker. It is important to note that our exposure is approximately $7.8 million, which we expect to recover in full," he said.