Baltic Oil Terminals PLC said it withdrew its offer to acquire a 76 pct stake in Russian oil terminal operator CEPRUSS and will be buying a 25 pct interest in Rosbunker, which runs the Baltysk transhipment terminal, for 4.5 mln stg instead.
It dropped the 11 mln usd CEPRUSS agreement after the vendors changed the terms of the deal, which included an increase in the price and the disclosure of increased operating costs within the business.
However, Baltic Oil said it remains interested in acquiring a shareholding in CEPRUSS 'but only in appropriate circumstances, and will continue to monitor the situation'.
Instead, the group said it will be acquiring a 25 pct stake in Rosbunker, which recently completed the construction of the Baltysk oil terminal, for 4.5 mln stg.
Baltysk is a deep-water port on the Baltic Sea and is located between the Gulf of Gdansk and Vislinskiy Zaliv, the channel of water that leads directly into Kaliningrad, it said.
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