Pan European Terminals PLC Operational Update (8231A)
25 Février 2014 - 8:00AM
UK Regulatory
TIDMPAN
RNS Number : 8231A
Pan European Terminals PLC
25 February 2014
25 February 2014
Pan European Terminals PLC
("PAN" or the "Company")
Operational Update
Pan European Terminals (AIM: PAN), which provides transhipment
and storage facilities into Europe and Russia for the hydro-carbon
industry, is pleased to provide an operational update to
shareholders.
Baltic Top
At Baltic Top, its 100% owned subsidiary, the Company has
recently increased capacity by approximately 10%, through an
extension to its storage facilities to over 12,000 metric tonnes
(MT). The new tanks, which are arranged horizontally, are able to
carry all products required by the local market, including
additives, which now allows the Company to blend products
specifically required by certain customers.
A further 10% capacity increase is planned, through the
installation of new vertical tanks, for general storage. These will
be installed once the weather improves later in the first quarter.
Both projects will be financed out of Baltic Top's cash reserves.
In December 2013, Baltic Top saw over 18,000 MTs of throughput, its
second highest monthly rate since 2010.
Further, the Company intends to install a 350 metre, 8 inch
pipeline allowing access to the waterside jetties in conjunction
with the neighbouring shipyard. The pipeline has reversible flow
capabilities and will allow Baltic Top, for the first time, to
receive Marine Gas Oil by sea and also bunker barges and sea-going
vessels from the government owned shipyard adjacent to the Baltic
Top property. This crucial improvement is a major development for
Baltic Top and, together with the increase in storage capacity and
blending facilities, provides the board with high expectations for
the continued growth and success of its 100% owned asset.
For further information on these new developments, please visit:
www.peterminals.com
Petro Bunker International (PBI)
In the Netherlands, PBI, the Company's 100% owned facility which
leases storage tanks in Rotterdam, has been trading at maximum
capacity since last September. The Company is in discussions over
new tanking projects and will update the market when these have
been concluded.
Dan Balt
Dan Balt, at Aabenraa in Denmark, continues to operate well,
although the programme to expand its product range and increase
profit per ton is still in its early stages. The Board is confident
that by Q2 2014 it will be able to report the results of this
exciting new programme to shareholders. Dan Balt is a large ongoing
project for the Company and shareholders are reminded that this is
a long-term development plan, the results of which are expected to
have a positive impact on cash generation for years to come. It is
essential that Dan Balt's client base is nurtured so as to allow
the terminal to service a variety of clients and products.
Rosbunker
The Company announces that it has received an offer from its
partners in Rosbunker, for the Company to acquire the remaining 50%
of the asset. The Board is considering this offer and will update
shareholders as and when a binding contract has been agreed. Until
this time, the asset will remain frozen under a legal order.
The amount of time and effort that the Company has put into
resolving the issues at Rosbunker cannot be underestimated, however
the Board remains conscious of the political and geographical risks
involved in such a location as Rosbunker and it is taking steps to
mitigate these to the extent possible. Whilst this can extend the
time to complete any transaction, it is an essential part of the
process after the historical problems.
Should this transaction progress to conclusion, the Company
would expect to involve a local third party through back-to-back
sale and purchase agreements, and at this time, the Company does
not foresee the need for additional financing and/or financial
support secured on assets outside of Rosbunker or in the form of
equity, in order to complete the acquisition.
New Opportunities
The Company continues to look at new opportunities and projects
in Europe and elsewhere, but as yet has not concluded any binding
agreements, although it is currently in advanced discussions on one
project.
The Company continues to trade in-line with management's
expectations and will provide a further update to shareholders at a
later date.
-ends-
Enquiries:
Pan European Terminals plc Tel: +44 (0)20 3145 1908
Simon Escott, Chief Executive & Interim Chairman Mob: +44 (0)7920 095 800
Westhouse Securities Ltd (Nomad and Broker) Tel: +44 (0)20 7601 6100
Richard Johnson / Antonio Bossi
Leander (Financial PR) Tel: +44 (0)7795 168 157
Christian Taylor-Wilkinson
Notes to Editors:
Pan European Terminals Plc operates hydrocarbon refined product
Storage and Transhipment Terminals in Aabenraa (Denmark),
Kaliningrad City (Russia) and Baltysk (Russia). It also leases and
operates tanks in Rotterdam (Holland). The Group presently has
approx. 400,000 Cubic Meters of tank capacity under ownership or
management, with approximately 40% of its annual profit now being
derived from its non-Russian assets. The Group has been building
critical mass in this field for three years and offers its
customers flexibility, competitive rates and excellent facilities
for storage, transhipment and bunkering services.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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