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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:6922Q Baltic Oil Terminals Plc 05 February 2007 5 February 2007 Baltic Oil Terminals PLC ("Baltic" or the "Group") Corporate and trading update The Board of Baltic, the owner and operator of oil transhipment terminals in Kaliningrad and exploration assets in the Kurgan region of Western Siberia, is pleased to give shareholders a corporate and trading update prior to going into its close period. Highlights * Baltic plans major expansion of terminal projects through planned acquisition. Group is in advanced negotiations to acquire an interest of 76 per cent in the issued shares of CEPRUSS for a cash consideration of US$11 million (#5.6 million), to be financed from existing resources. CEPRUSS interest to be acquired by Tetoil Baltic which will become a 69 per cent subsidiary of Baltic * CEPRUSS' principal asset is a 358 acre site in the centre of the Kaliningrad port, equipped for the purpose of transhipping oil and oil product with jetty, rail, insulated storage capacity, power and steam generation infrastructure already in place * It is intended that Tetoil Baltic will construct a transhipment terminal on the nearby CEPRUSS site ahead of the Tetoil terminal on the Rybachiy peninsular ("Rybachiy"). The first phase development will focus on exploiting the "ready to use" assets of CEPRUSS whilst at the same time expanding the capacity there * This will result in a faster scale up and greater capacity: - 400,000 tonnes per month ("tpm") by end of 2007 (former expectation 240,000 tpm for Rybachiy only, i.e. excluding TDKN) - 800,000 tpm by the end of 2009 (formerly 480,000 tpm for Rybachiy only) * Directors confident that development of the two terminals will not require further investment by shareholders * Tetoil Rybachiy terminal construction to continue, with cost saving engineering solution through low cost pipeline replacing railway spur * First product transhipment delivered by Tetoil through CEPRUSS site in January 2007 * Baltic Top operating to maximum capacity - expansion being considered * TDKN expected to meet targets for 2007 * Spudding of first well by Zauralneftegaz now due at the end of February 2007 due to mild weather * Results to 31st December 2006 in line with market expectations * Board confident that 2007 will see further significant progress for the Group Commenting on the corporate and trading update, Simon Escott, Chief Executive of Baltic, said: "We are confident that Baltic will not only continue to deliver original expectations, such as the commencement of loading in January, but on a greater scale and ever more quickly, with no further investment from shareholders. The Group is set to become the major terminal operator in Kaliningrad with a planned capacity (including TDKN) of over 1,000,000 tonnes 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. "It is a very exciting and busy time for Baltic. The hard work that has been put into both Kaliningrad and Kurgan has allowed us to make excellent progress towards our goals." Enquiries Baltic Oil Terminals PLC 0207 667 6371 Simon Escott, Chief Executive Robert Wilde, Finance Director Arden Partners plc 020 7398 1600 Chris Fielding Tom Fyson Financial Dynamics 020 7831 3113 Billy Clegg Ed Westropp Baltic Oil Terminals PLC ("Baltic" or the "Group") Corporate and trading update Tetoil Limited ("Tetoil") operations A. Expansion of Tetoil terminal project through a potential acquisition The Directors are pleased to announce that the Group is in advanced negotiations to acquire, through Tetoil Baltic (referred to below), an interest of 76 per cent in the issued shares of Joint Venture Closed Stock Company CEPRUSS ("CEPRUSS"), being a fully controlling interest, for a consideration of US$11 million (#5.6 million) payable in cash upon completion. The Group is currently progressing its due diligence enquiries and anticipates entering into an acquisition agreement by March 2007. The consideration would be wholly financed from the Group's existing resources. The principal asset of CEPRUSS is a 358 acre site in the centre of the Kaliningrad port, located on the North Bank of the Pregol River to the North East of Tetoil's development site on the Rybachiy peninsular. The site was originally developed in the first half of the 20th century as a paper mill, which has largely now closed down. It has also previously been used for the storage and local distribution of Mazut, a heavy fuel oil. The acquisition is intended to enable a significant expansion of Baltic's existing Tetoil terminal project in Kaliningrad. It is particularly attractive as the CEPRUSS site already has operational infrastructure which would enable the immediate start up of a transhipment terminal operation and also the construction by Tetoil Baltic of a new terminal, the first phase of which would be scheduled for completion by December 2007. The Directors therefore intend to take advantage of this opportunity and have decided to prioritise the development of the terminal on the CEPRUSS site ahead of the development of what was originally proposed as the first phase of the Tetoil terminal on the Rybachiy peninsular. The Rybachiy terminal would then be expected to be completed in the summer of 2008. It is intended to operate both locations, when complete, as a single, integrated terminal. The combined capacity is expected to reach over 400,000 tonnes per month ("tpm") by the end of 2007 (compared to 240,000 tpm for the Tetoil Rybachiy peninsular terminal alone) and 800,000 tpm during 2009 (compared to 480,000 tpm for the Rybachiy terminal alone). This will enable the Group to benefit to a greater extent than previously from the substantial demand for transhipping oil and products via Kaliningrad. The CEPRUSS site is well equipped for the purpose of transhipping oil and oil product. Its currently installed and operational infrastructure includes: *A privately owned 267 metre jetty, with capacity for significant expansion, which is equipped with 12 mooring points; *3.6 kms of privately owned railway, including two railway lines installed on the jetty, together with rolling stock in good working order; *3 cranes located on the jetty; *A steam generating plant with an approximate capacity of 200 tons per hour, which will enable the immediate transhipment of Mazut, which commands a higher transhipment price than product or crude. This plant will also continue to be used for the sale of heating oil to the local district; *A 31.5MW (net) power plant comprising six 6MW turbines, complete with two transformers to allow sale of electricity to the city of Kaliningrad, in addition to the provision of electricity to the CEPRUSS site; *7,800 m3 of storage tanks, of which one 5,000 m3 tank is insulated to enable the shipment of Mazut; and *Two small oil and product railway unloading racks. Under a co-operation agreement with CEPRUSS, the Group has already shipped product through Tetoil using the CEPRUSS facilities and expects to continue to do so on a regular basis pending completion of the acquisition. CEPRUSS already has in place the necessary Cadastra (planning permission) and permits to operate on its site a terminal for the storage and transhipment of oil and oil product. The Directors therefore intend, immediately following completion of the acquisition, that Tetoil Baltic will commence constructing a new terminal on the site, based principally on the detailed engineering plans developed for Tetoil's Rybachiy peninsular site, enabling capacity of over 400,000 tpm to be reached by December 2007. This development will require less than one third of the CEPRUSS site area. The Directors also intend therefore to discuss with the Kaliningrad Regional Administration how best to exploit the remainder of the site. The Directors are confident that the CEPRUSS terminal can be built at a lower cost per tpm of capacity, including the acquisition consideration, than Tetoil's Rybachiy terminal, and that thereafter significant savings will be achieved on the construction, referred to below, of the Rybachiy terminal relative to the original capital expenditure budget. The paper mill originally constructed on the site became uneconomic, because of the impact of the rising oil price on the cost of delivering timber to the mill using the Pregol River, and was largely closed down several years ago. The remaining part of the paper mill is involved in the production of toilet tissue and paper napkins, using tissue supplied from other mills. The Directors intend to operate the steam plant, the power plant and the remaining paper mill largely using the incumbent management and staff. B. Tetoil Baltic Limited ("Tetoil Baltic") As a result of not meeting various obligations and conditions subsequent under the shareholder agreement with the Group, Alexander Dronov forfeited his right to acquire 41.65 per cent of the equity of Tetoil. Tetoil therefore remains wholly owned by the Group. As part of the arrangements relating to the acquisition of CEPRUSS, Baltic will transfer 31 per cent of the issued shares of Tetoil Baltic, a newly incorporated subsidiary company, to two local Kaliningrad companies, one of which is involved in construction and one in consulting. The Directors intend that Tetoil Baltic will acquire the 76 per cent interest in CEPRUSS and, in addition, all of the assets and liabilities relating to Tetoil's Rybachiy terminal. The General Director of Tetoil Baltic, who has already been appointed to the same role in Tetoil, will be Romas Yankauskas. Mr Yankauskas, a well known local figure, was formerly Chief of the Customs Service for the Kaliningrad Region and a General in the Russian Army. C. Tetoil Rybachiy terminal In December 2006, the Group established that the use of a pipeline would realise a substantial saving relative to the cost of the proposed railway spur, which was due for completion in late January 2007. Use of a pipeline would result in a delay of two months relative to completion of the railway. However, against the background of the planned acquisition of CEPRUSS and the Group's ability to use CEPRUSS' facilities to transport oil, the Board determined to adopt the pipeline solution and prioritise the development of the terminal on the CEPRUSS site ahead of that on the Rybachiy peninsular. Four storage tanks and the associated pipe work have already been installed on the Rybachiy site. The Directors anticipate that the Rybachiy terminal will now be commissioned in the summer of 2008 with an operating capacity of 240,000 tpm. D. Baltic Top Terminal ("Baltic Top") The Directors are pleased to report that Baltic Top is operating to maximum capacity and are therefore assessing whether there is sufficient demand to expand the operations of the terminal, which stores diesel and gasoline for distribution to local customers. E. Torgovy Dom Kaliningradneft ("TDKN") TDKN, in which Baltic has a 51 per cent interest, is expected to meet its targets for 2007. F. OOO Polex Service ("Polex") Polex, in which the Group has a 50 per cent interest, is continuing to trade satisfactorily. New operating procedures are currently being implemented, which the Directors are confident will enhance both efficiency and profitability during 2007. Zauralneftegaz Limited ("Zauralneftegaz") operations As previously announced, the discovery of four drilling prospects, as a result of the seismic and gas seismotomography results coinciding, has permitted Zauralneftegaz to commence a drilling programme in the Privolny block. Very mild winter weather has delayed the transport of the drilling rig to Western Siberia, but as the weather has finally become more normal the Directors now expect to spud the first well by the end of February 2007 and to announce the results by May this year. Zauralneftegaz personnel, assisted by experienced specialists from Baltic and RPS Group Plc (formerly Exploration Consultants Limited), are assisting the drilling contractor in order to complete the drilling and analysis as soon as possible. As the drilling contract is on a "turnkey" basis, the Group will not incur additional costs as a result of the delay. Preliminary results The Directors expect to publish the Group's preliminary results for the year ended 31 December 2006 by early April 2007. The Board anticipates that the Group's results for the year ended 31 December 2006, before taking into account foreign exchange adjustments and adjustments relating to FRS20 (share based payments), will be in line with its expectations. This information is provided by RNS The company news service from the London Stock Exchange END MSCUUUPAPUPMUQA
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