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Gazprom Neft Acquires Bunkering Company in Estonia

Source: www.gulfoilandgas.com 8/20/2013, Location: Asia

The acquisition of the Estonian bunkering company AS Baltic Marine Bunker from AS NT Marine is complete. This is the second foreign asset of Gazpromneft Marine Bunker, the operator of Gazprom Neft's bunkering business. The first, a Romanian company, was acquired early this year.

AS Baltic Marine Bunker's assets include a bunkering tanker with a total deadweight of 2786 tons designed for bunkering with both dark and light types of marine fuel.

Gazpromneft Marine Bunker sells on the Baltic bunkering market low-sulfur marine fuel supplied by Gazprom Neft's oil refineries. The company holds all of the necessary licenses, as well as contracts for transshipment and storage at the terminal.

Gazpromneft Marine Bunker is planning to sell at least 270,000 tons of marine fuel at the Port of Tallinn each year. The company also plans to expand its market presence by cooperating with shipowners and improving the quality of ship services.

"Gazprom Neft's updated bunkering business strategy to 2025 involves a significant expansion of the company's presence abroad and taking up recognizable positions on the international market. The consistent acquisition of assets first in the Black Sea region and now in the Baltic becomes the basis for the company's future successful international expansion," commented Gazprom Neft First Deputy CEO for Logistics, Refining, and Sales Anatoly Cherner.

Gazpromneft Marine Bunker is a subsidiary of Gazprom Neft created in 2007 for the organization of year-round marine fuel and lubricant supplies for sea and river transportation. The enterprise occupies leading positions on Russia's bunkering market with an 18.6 percent market share, and operates at fifteen seaports and nine river ports. About 85 percent of consumers of the company's services are foreign ship owners. In 2012, Gazpromneft Marine Bunker increased its bunker fuel direct delivery sales volume by 40 percent to 1.8 million tons and thereby established its leading status for this indicator among Russian companies. Gazpromneft Marine Bunker's total marine fuel sales volume in 2012 reached 2.9 million tons.

In 2013, Gazprom Neft updated its strategy for the development of its bunkering business by extending the limits of its plans to the year 2025.

Gazpromneft Marine Bunker made its entry onto the international market in March 2013 by acquiring the Romanian company Marine Bunker Balkan S.A., which operates at the Black Sea port of Constan?a. The Port of Tallinn (AS Tallinna Sadam) is Estonia's largest transit hub. It contains five port zones: Old City Harbor, Muuga Harbor, Paldiski South Harbor, Paljassaare Harbor, and Saaremaa Harbor. A total of 420,000 tons of marine fuel is consumed at the port each year. According to the strategy of AS Tallinna Sadam, the volume of goods passing through the Port of Tallinn should rise by 46 percent between 2012 and 2020, up to 43.2 million tons, while the number of passengers should rise during the same period by 20.7 percent, up to 10.67 million.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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