|
|
 |
|
About Estonian Railways
# Media
| News
|
 |
|
Severstaltrans acquires a controlling stake in E.O.S
The transport group Severstaltrans (RUS) has completed negotiations to become the controlling shareholder in the oil terminal company Estonian Oil Service (E.O.S. Ltd). The agreement to acquire E.O.S. was recently signed between the representatives of the Severstaltrans Group and the investment company Baltica Finance NV.
General Manager of Severstaltrans, Konstantin Nikolaev, said that the acquisition of a shareholding in Estonian Oil Service would enable the group to optimize its logistical chain in supplying the markets with Russian oil and oil products through a geographically favorable location within the European Union territory. "Advanced terminal railway infrastructure provide an opportunity to increase quantities of oil products flowing through the terminal facility", added Mr. Nikolaev
Chairman of the board of Estonian Oil Service Ltd., Mr. Arnout Lugtmeijer, commented that the change of ownership is a very positive development for the enterprise and its employees as it enables to consolidate the terminal's established service quality within a larger group of companies that is already present in this region. "It is obvious that the consolidated Russian oil industry - with only a handful of major players - is looking for sizeable service partners providing reliable and efficient transportation schemes to bring their oil products to the market. Through the new ownership we surely qualify for these criteria", said Mr. Lugtmeijer.
The Severstaltrans Group is a leading rail carrier and has operations both in Russia and in neighboring countries. In Estonia the company is already involved in the rail carrier Spacecom, specialized in oil products transportation and through a minority shareholding in the construction of another oil terminal facility Trendgate. Estonian Oil Service (E.O.S.) is the largest terminal in Estonia that is specialized in the transshipment of heavy fuel oil. In 2003 the company handled 5.8 million tons of oil products and since its operations started in 1996 it has provided transshipment to nearly 40 million Mtons of fuel oil. The contracting parties believe to finalize the transaction in the nearest future and have agreed to withhold the comments on the commercial details of the deal. Estonian Oil Service (E.O.S.) is the largest oil company in Estonia that is specialized in the transshipment of heavy fuel oil. The terminal is located in Maardu with its berth facilities at Muuga Port. Oil products are delivered to the terminal by rail and transported to the port by pipeline. Estonian Oil Service is rendering its services for products originating mainly from Russian oil refineries and occasionally also for products from Lithuanian and Belarusian refineries. The projected capacity of the oil terminal is 10 million tons. In the first half 2004 the company transshipped 3.4 million Mtons. Severstaltrans Group is the largest private operator on the market of transport services of Russia, CIS countries and Baltic countries. Founded in 1996, the Group includes more than 20 companies that operate in various segments of the market including the transportation of coal, metals, containers and oil products in CIS countries and Estonia, Latvia and Lithuania. The company specializes in providing fully integrated multimodal transportation service in carrying of goods by rail, sea, river or land and also port services.
|
|
|
