July 15, 2019 [Hydrocarbon Engineering] – Aqua Marina AS, the holding company of Olerex Group, and Oiltanking GmbH, have entered into an agreement for the acquisition of the Oiltanking Tallinn terminal in the port of Muuga, Estonia.
The agreement was signed on Friday, 5 July 2019, at the Oiltanking GmbH head office in Hamburg.
“Oiltanking is constantly evaluating and optimising its terminal portfolio worldwide. Product flows in the Baltic Sea area have changed considerably in the recent years, meaning that the capabilities of Oiltanking Tallinn could be better utilised by a new strong import-focused owner,” Karl Henrik Dahl, Director West of Suez, Oiltanking, commented after signing. “We are satisfied to hand over the terminal to the local retail market leader.”
“Olerex distributes more than a quarter of the entire Estonian retail consumption of automotive fuels,” Antti Moppel, Olerex Chairman, said. “These volumes and the Oiltanking terminal with its sea and rail access are a perfect match, helping us to further optimise the fuels handling and distributing costs. Lower fuel handling costs help to keep our prices at forecourts reasonable.”
The Oiltanking Tallinn terminal with its 78 550 m3 tank capacity is versatile and technically advanced, providing truck and ISO tank-loading infrastructure for the local and regional distribution of motor fuels and chemicals. For transit customers it offers excellent connectivity with a highly efficient railway infrastructure, and jetties with optimal deep sea water access. The terminal is located in the customs free zone of the port of Muuga in Tallinn.
The terminal will be renamed to Olerex Terminal and will continue to serve its existing customer base. Completion of the acquisition is subject to obtaining approval from the Estonian Competition Board.