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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Pan European Terminals | LSE:PAN | London | Ordinary Share | GB00B12V3082 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 22.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:4019X Baltic Oil Terminals Plc 30 May 2007 Baltic Oil Terminals PLC ("Baltic" or the "Group") CORPORATE UPDATE KEY POINTS Acquisition of interest in new oil transhipment terminal * Baltic is very pleased to announce that it has entered into binding heads of agreement to acquire for US$9 million (#4.5 million) a 25% interest in Closed Joint Stock Company Rosbunker ("Rosbunker"), which has recently completed the construction at Baltysk of the first phase of a new, state-of-the-art oil transhipment terminal ("the Rosbunker Baltysk Terminal"). * The Rosbunker Baltysk Terminal, which commenced operations in March, is already shipping significant volumes of oil-related products. It is supported by extensive and modern infrastructure, including brand new pumping and storage equipment and an exclusive railway line. * Baltysk is a deep water port on the Baltic Sea itself and occupies a highly strategic position, as it is located on the promontory between the Gulf of Gdansk and Vislinskiy Zaliv, the channel of water that leads directly into Kaliningrad. * A second phase of construction will commence later this year, for completion before the end of 2008, subject to certain approvals being provided by the Federal Authorities, several of which have already been obtained. This will considerably increase the capacity of the Rosbunker Baltysk Terminal, making it the only transhipment terminal in the Kaliningrad Oblast able to handle vessels of up to 40,000 DWT. * 50% of Rosbunker is planned to be owned by a wholly owned subsidiary of Krutrade AG, itself a wholly owned subsidiary of Kuzbassrazrezugol, which is the largest Russian exporter of coal. * Under the terms of the proposed shareholder agreement, which will be under English law, Baltic will also assume overall supervision of the construction of the second phase of the Rosbunker Baltysk Terminal. * The heads of agreement also provide for Baltic to act as exclusive sales and marketing agent of the Rosbunker Baltysk Terminal. Update on CEPRUSS * Baltic also announces that it has withdrawn its offer to acquire an interest of 76% in CEPRUSS, following submission of new terms by the vendors, including an increase in the price, and the disclosure, very recently, of increased operating costs within CEPRUSS. * However, Baltic remains interested in acquiring a shareholding in CEPRUSS, but only in appropriate circumstances, and will continue to monitor the situation. Other Operations * In April 2007, Baltic recommenced construction of its Tetoil-Baltic transhipment terminal project on the Rybachiy peninsula in Kaliningrad, which is now expected to start shipping in September 2007. In addition to providing further information on this and the Rosbunker Baltysk Terminal, the statement below also contains an update on the drilling of the 2,000m correlation well at Privolny in Kurgan, which has now reached a depth of over 1100m. Outlook * As a result of the initiatives announced today and upon completion of the Rosbunker acquisition, the Directors expect that Baltic will benefit from a significant scaling up of transhipment volumes, both in its current financial year and for several years thereafter and will also benefit from increased cashflows. Finance * The Directors intend to finance the consideration for the acquisition of the interest in Rosbunker and Baltic's share of the phase 2 capital expenditure, together with the costs of the Rybachiy development and the Zauralneftegaz drilling programme, all as described in this announcement, from the Group's resources. 30 May 2007 Simon Escott, Chief Executive of Baltic, commented: "Acquiring a stake in the Rosbunker Baltysk Terminal not only plays to our strength as an experienced oil terminal operator, but also provides us with significant transhipment volumes immediately. This more than makes up for not being able to complete the CEPRUSS acquisition, which it is now clear was not in shareholders' interests on the revised terms offered. We are now far better positioned, both financially and operationally, to implement our plans for growth and deliver long term shareholder value." Enquiries Baltic Oil Terminals plc Simon Escott +44(0) 207 667 6371 Pelham PR Archie Berens +44(0) 207 743 6679 Evgeniy Chuikov +44(0) 203 008 5506 Baltic Oil Terminals PLC ("Baltic" or the "Group") Corporate Update Baltic Oil Terminals PLC (AIM: BTC), the owner and operator of oil terminals in Kaliningrad and with significant interests in exploration assets in the Kurgan region of Western Siberia, Russia, issues the following corporate and trading update. CEPRUSS Baltic announced on 5 February 2007 that it was in advanced negotiations to acquire an interest of 76 per cent. of Joint Venture Closed Stock Company CEPRUSS ("CEPRUSS"), owners of a port and potential terminal site in Kaliningrad. On 16 May 2007, Baltic believed that it had reached agreement with the vendors of CEPRUSS on terms acceptable to Baltic. On the next day, however, the vendors subsequently withdrew these terms and replaced them with alternative terms, which included an increase in the price and the disclosure of increased operating costs within CEPRUSS. It was not possible to negotiate satisfactory terms. As a result, on 29 May 2007, the Board withdrew Baltic's offer for the interest in CEPRUSS. Baltic would however be interested in acquiring an interest in CEPRUSS, but only in circumstances where the Board could be entirely satisfied that the terms offered were acceptable. Closed Joint Stock Company Rosbunker ("Rosbunker") The Group has today entered into a binding letter of intent with two companies (the "Vendors") controlled by Vladimir Gavrilov, a Moscow based lawyer and businessman with various interests in natural resources. The letter of intent provides for Baltic to acquire from the Vendors a 25 per cent interest in Rosbunker for US $9.0 million (#4.5 million) payable in cash on completion. The Board intends that an English law sale and purchase agreement will be entered into shortly. In addition to the binding heads of agreement, Baltic and the Vendors have entered into a memorandum of understanding with a wholly owned subsidiary of Krutrade AG, a natural resources trading company, under which the latter would also acquire from the Vendors a 50 per cent interest in Rosbunker. Krutrade AG, which is incorporated in Austria, is a wholly owned subsidiary of Kuzbassrazrezugol, the largest Russian exporter of coal. It is intended that each of the shareholders of Rosbunker will then enter into an English law shareholder agreement. Rosbunker has recently completed the first phase of construction of a new, state-of-the-art oil transhipment terminal at the port of Baltysk, which is located at the mouth of the Pregol River, in the Kaliningrad Oblast, on a site which has just been leased from the Federal Authorities. Baltysk is a deep water port on the Baltic Sea itself, thus allowing vessels of up to 40,000 DWT to load and unload cargo. Moreover, Baltysk occupies a highly strategic position, as it is located on the promontory between the Gulf of Gdansk and Vislinskiy Zaliv, the channel of water that leads directly into Kaliningrad. The Rosbunker Baltysk Terminal is supported by extensive and modern infrastructure, including brand new pumping and storage equipment and an exclusive railway line. The terminal is equipped with new unloading racks, a steam generation plant, heat exchangers and storage pumping and loading facilities. It is capable of storing Mazut, gasoil and vacuum gasoil, and currently has a capacity of 34,000 m(3). The terminal is also equipped with blending and bunkering facilities. In addition, it has two new railway tanker unloading racks, which can handle 24 railcars on two levels, and is located under 1 kilometre from the local Russian railway marshalling yard. The terminal's jetty, which is connected by an elevated, insulated pipeline to the tanks, is capable of handling vessels with a draft of up to approximately 14,000 DWT, and has permission to accept foreign flag vessels. The first phase of the construction was completed and transhipments commenced in March 2007. Transhipments increased to just under 100,000 tonnes per month (" tpm") in May and are expected to reach similar levels in June 2007. Following the scaling up of transhipments, Rosbunker is now in final negotiations to secure an adjacent 8 acre plot under a new lease from the same Federal authorities. Rosbunker intends, as phase 2 of the project, to construct a further 75,000m(3) of product storage on this site, which is adjacent to a deep water mooring facility, capable of handling vessels up to 40,000 DWT with a draft of 14m, a size of commercial vessel currently unable to berth anywhere else in the Kaliningrad Oblast. It is expected that construction of the second phase of Rosbunker will commence later this year, for completion by the end of 2008, subject to certain approvals being provided by the Federal Authorities, several of which have already been obtained. This would increase the capacity of the terminal by approximately 400,000 tpm. Under the terms of the agreement, Baltic will assume overall supervision of the construction of the second phase of the Rosbunker Baltysk Terminal. The binding heads of agreement and the memorandum of understanding also provide for Baltic to provide sales and marketing services on behalf of Rosbunker. A further announcement will be made upon execution of the Sale & Purchase and Shareholder Agreements. Tetoil Baltic Rybachiy On 5 February 2007, Baltic had also announced that, by reason of the operational infrastructure of CEPRUSS which it had expected would enable an immediate start up of transhipment operations and construction of a new terminal, it had prioritised the proposed development of the CEPRUSS site ahead of the development of the first phase of the Tetoil terminal of the Rybachiy peninsula. However, given the delays which were being experienced in the acquisition of the interest in CEPRUSS, Baltic re-commenced construction of the Rybachiy terminal in March 2007, and the Directors now anticipate transhipment commencing at the terminal in September 2007. They further anticipate that transhipment capacity will reach 240,000 tpm by December 2008. Four tanks are already on site, with a capacity of 14,000 m(3). A further two tanks with a capacity of 11,000 m(3) each are ready for immediate delivery from the manufacturer, giving a total tank capacity of 36,000 m(3). TDKN The Group has today increased its interest in TDKN from 51 per cent. to 65 per cent., at a cost of US$20,000, through the purchase of the smallest partner's shareholding of 14 per cent. in TDKN. The Board now believes that, with co-operation from the Navy having now been restored, the terminal currently has capacity for 100,000 tpm, which could be increased by a further 100,000 tpm upon the installation of a further tank, following Naval approval. Zauralneftegaz Over 1100m of the 2,000m correlation well at Privolny has now been drilled on behalf of Zauralneftegaz. The Directors anticipate that the preliminary analysis of the drilling will be released by July 2007 following which they will select the remaining locations of the three well programme. Finance The Directors intend to finance the consideration for the acquisition of the interest in Rosbunker and Baltic's share of the phase 2 capital expenditure, together with the costs of the Rybachiy development and the Zauralneftegaz drilling programme, all as described in this announcement, from the Group's resources. Outlook As a result of the initiatives announced today and upon completion of the Rosbunker acquisition, the Directors expect that Baltic will benefit from a significant scaling up of transhipment volumes, both in its current financial year and for several years thereafter and will therefore benefit from increased cashflows. Preliminary results The Directors intend to release the preliminary results of the Group for the year ended 31 December 2006 shortly. This information is provided by RNS The company news service from the London Stock Exchange END TSTGUGDULSXGGRG
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