Bunker supplier Aegean Marine Petroleum Network Inc. has assembled a team to start operations in the South American market during the first quarter of this year.

The new office, which will be in Rio de Janeiro in Brazil, will support Aegean’s goal of growing its global footprint with minimal start-up costs and position the company for future expansion South America.

“We are pleased to announce our expansion into South America and the opportunity to continue to grow and diversify our business," said E. Nikolas Tavlarios, president of Aegean. “Our expansion into the South American market is an important milestone for the company and underscores our focus on expanding our capabilities and global footprint to drive profitable growth and create value for shareholders.”

The Rio de Janeiro team will manage an asset-light physical supply and back-to-back trading model in the region.

Currently, Aegean has a global presence in 31 markets, including Canada, Mexico, Jamaica, Trinidad and Tobago, Gibraltar, UK, Greece, UAE, Singapore, Morocco, the Antwerp-Rotterdam-Amsterdam (ARA) region, Panama, Hong Kong, the US East Coast, the US Gulf, Germany, and Russia.