May 19, 2011 [Argos Oil] - Energy suppliers North Sea Group and Argos Oil are discussing a merger. If the talks are successful, this autumn will see the creation of the largest independent player on the North-west European market in, with more than 850 employees, a combined tank storage capacity of over 1.5 million m3 and annual turnover of approximately € 10 billion. The announcement was made today by Ben Vree, CEO of NSG and Peter Goedvolk, CEO of Argos.
NSG and Argos are strong in midstream and downstream activities (storage and transfer, blending and trading of oil products, bunkering of seagoing and inland vessels, distribution and sales of oil products and biofuels, ‘from producer to consumer’). The new company will be active throughout Western Europe; in the Netherlands, Belgium, Luxembourg, Germany, France and Switzerland. Outside Europe, the envisaged combined organisation will be represented in Brazil, Singapore and China, among others.
The next few months the plans for integration and realising further synergies are being worked out.
Because of a difference of opinion about the long-term growth strategy of NSG, the Van der Sluijs family has decided to sell its share in NSG to the other shareholders, Reggeborgh, Atlas Invest and Romo Holding. With this transaction, these shareholders realise a further increase of their holdings in the energy sector.
In line with its strategic focus, NSG has decided to dispose of its inland shipping activities Interstream Barging (ISB). NSG will sell 70% of the shares in ISB’s inland shipping activities to the Van der Sluijs family before the intended merger with Argos. NSG will retain a 30% strategic minority interest in ISB in order to guarantee the availability of the fleet.
