The KazMunaiGas group has acquired all operating assets of Naftrans Ltd., which operates oil terminal in the port of Batimi (Georgia), Interfax reports according to Gudok.Ru. ENR Russia Invest, one of Naftrans investors, said in a press release that the transaction value was $220 million. The value of Naftrans assets now totals $335 million, the release says. Naftrans carries out railway transportation of oil and oil products from Azerbaijan–Georgia border to the terminal in the port of Batumi. Besides it provides port services.
In 2006, Kazakh state oil transportation company KazTransOil (subsidiary of KazMunaiGas) signed an agreement with Naftrans owners on purchase of the company’s 50-percent share. Then it was supposed to build a new refinery close to the oil terminal. Besides, Batumi oil terminal and KazTransOil signed a contract on establishment of a joint venture Batumi Terminals to ensure stable supply of Kazakhstan oil for export across the Black Sea.
Major shareholder of Naftrans is Greenoak Holdings Ltd. ENR Russia Invest specializes in investment into Russian gas, oil and electric energy companies.