Baltic Oil Terminals has agreed to buy 51% of Torgovy Dom Kaliningradneft (TDKN), a Russian company which manages an oil and refined products transhipment terminal within a Russian naval base in Kaliningrad, Russia. Under the terms of the $360,000 cash deal, Baltic Oil will provide a 12-month loan of $1 million to TDKN, most of which will be used to repay shareholder loans.
TDKN has an agreement with the Russian Navy to refurbish and manage the Kaliningrad terminal. According to reports, the refurbishment is almost complete, and Baltic Oil Terminals expects the first shipments to begin next month.