Oiltanking announces sale of its terminal in Bulgaria
Oiltanking is pleased to announce that it has entered into an agreement to sell its 91.1% stake in the liquid storage terminal in Varna to the Astra Group.
The terminal with a storage capacity of 25,860 cbm is strategically located at the Black Sea in Devnya, Varna and provides storage and handling services for inorganic chemicals, biofuels and edible oils. It is tightly integrated in its customers’ value chains and has water, rail and pipeline access.
As part of the transaction, Oiltanking GmbH sells its 91.1% interest in Oiltanking Bulgaria AD to Astra-Finance AD. The remaining shares are held by the Port of Varna and are excluded from the transaction.
“We sincerely thank our customers for the trust and the local team for their loyalty, dedication and hard work over the past two decades. This terminal continues to have great potential, which we are confident the Astra Group is the right party to exploit” says Matti Lievonen, CEO of Oiltanking.
“It is with great honor and gratitude that we were able to accomplish the deal with Oiltanking, who we consider a sincerely trustworthy and collaborative partner. We will do our utmost to make sure that the transition occurs as smooth as possible for all parties concerned and to further develop the future of Oiltanking Bulgaria”, shared Stanko Stankov, CEO of Astra-Finance AD.
The sale is subject to customary approvals by third parties. Completion of the transaction is expected to occur until the end of Q1 2023.
Oiltanking GmbH is a subsidiary of Marquard & Bahls, an agile, independent holding company in the energy & chemical sector. Through its portfolio, Oiltanking is one of the largest independent tank storage providers for gas, chemicals, and petroleum products worldwide. For more information on Oiltanking, please visit www.oiltanking.com.
Astra-Finance AD is a subsidiary of The Bulmarket Group, one of top 10 biggest manufacturers of biodiesel, refined and unrefined oils and free acids in Europe and one of the biggest private transportation companies in the Balkans. Focused on developing sustainable biofuels and eco products, the Astra Group is the first private company in Bulgaria to implement an ESG strategy in its development agenda with the aim to save more than 1.5 million tons of carbon emissions for 2022 alone.