3 Apr 2019 13:15

Global Ports, Royal Vopak sell Estonian oil terminal VEOS to Liwathon

MOSCOW. April 3 (Interfax) - Global Ports and Royal Vopak have completed the sale of 100% of shares in Estonian oil terminal AS Vopak E.O.S. (VEOS) to Liwathon, Global Ports reported.

"VEOS was a 50/50 joint venture of Global Ports and Royal Vopak. The parties agreed not to disclose the price of the transaction," the company said.

"The decision to sell VEOS was driven by the Group's strategic focus on opportunities in its core business where the Group sees attractive long-term prospects for itself. The divestment will enable the Group to designate more funds to ongoing deleveraging and to continue developing additional revenue streams," Global Ports said.

According to its website, AS Vopak E. O. S. is the "largest independent oil products terminal operator in the Baltic states." It has four terminals. "The proximity of Russia and the infrastructure of the Port of Muuga enable Vopak E.O.S. to offer excellent opportunities for sea transportation of liquid fuels from Eastern Europe to Western Europe, America and Southeast Asia," it says.

Royal Vopak (The Netherlands) describes itself as "the world's leading independent tank storage company."

Global Ports is one of the largest operators of container terminals in Russia. The group's assets are located in the Baltic region and the Far East. The company operates five terminals in Russia and two in Finland. Sergei Shishkarev's Delo Group and APM Terminals B.V. each own 30.75%. The free float is 20.5%, and its GDRs trade on the London Stock Exchange.