Baltic Oil Terminals Plc (UK) to construct terminal in Kaliningrad
Baltic Oil Terminals Plc (UK) plans to construct a transshipment terminal on the site of CEPRUSS Pulp and Paper Mill in Kaliningrad with monthly capacity of 400,000 tons.
The UK company is in advanced negotiations to acquire an interest of 76% in the issued shares of CEPRUSS for a cash consideration of $11 mln.
Te key target of the contract is a 144 hectare site in the centre of the Kaliningrad port. The first phase development will focus on exploiting the "ready to use” assets of CEPRUSS. By the end of 2007, amount of transshipped oil is expected to reach 400,000 tons.
"The group is set to become the major terminal operator in Kaliningrad with a planned capacity (including TDKN) of over 1,000,000 tons per month by the end of 2009, significantly more than originally expected. We have had excellent co-operation from the Kaliningrad authorities, and the Board believes that this strategy will result in more substantial value for shareholders,” said Simon Escott, Chief Executive of Baltic, reports Kalingrad Expert, referring to Reuters.
The UK company is in advanced negotiations to acquire an interest of 76% in the issued shares of CEPRUSS for a cash consideration of $11 mln.
Te key target of the contract is a 144 hectare site in the centre of the Kaliningrad port. The first phase development will focus on exploiting the "ready to use” assets of CEPRUSS. By the end of 2007, amount of transshipped oil is expected to reach 400,000 tons.
"The group is set to become the major terminal operator in Kaliningrad with a planned capacity (including TDKN) of over 1,000,000 tons per month by the end of 2009, significantly more than originally expected. We have had excellent co-operation from the Kaliningrad authorities, and the Board believes that this strategy will result in more substantial value for shareholders,” said Simon Escott, Chief Executive of Baltic, reports Kalingrad Expert, referring to Reuters.
