Baltic Oil Terminals will soon enter an agreement for the acquisition of a fully operational fuel oil storage business based outside of Russia and the Former Soviet Union.
Details are expected to be announced shortly.
In related news Baltic has now sold 46,000,000 B shares of Shelton Petroleum owned by the company, realising proceeds of SEK27.6 million (2.99 million) before expenses.
Shelton retains its shareholding of approximately 19.5% in the company's issued share capital and Baltic retains a holding of approximately 1.5% in Shelton's issued share capital.
The net proceeds of the Shelton share sale will be applied to funding the acquisition of the Russian terminal.