Baltic Oil Terminals is to acquire the fuel oil storage business Petroval Bunker International for £6.9 million.
AIM-quoted Baltic Oil Terminals has agreed to acquire the fuel oil storage business Petroval Bunker International (PBI) for $10.8 million (£6.9 million).
The acquisition is to be financed through a £4.1 million fundraising on AIM.
Following the deal, Baltic intends to establish a single management team for all of the group’s activities, while PBI’s general manager, Ben Haargort, will remain with the company to assist in developing Baltic’s operations.
Netherlands-based PBI operates two heated fuel oil tanks in Europoort Rotterdam, which it leases from the UK-based terminal operator, Vopak. In the year to October 2009, the company declared a pre-tax profit of around $3.5 million.
London-based Baltic operates crude oil and hydrocarbon terminals in Kaliningrad, a part of the former USSR. In 2009, the company declared a pre-tax profit of £2 million on a turnover of £8.4 million.