April 30, 2014 [CLH S.A.] - A large part of the investments planned for 2014, around 30 million euros, will be spent on expanding and improving the CLH storage facilities, mainly for building a new storage facility in the Port of Bilbao and adapting the storage facility in Algeciras to make it possible for the blending service to be offered there.
The CLH Group will also be investing 5 million euros in 2014 on implementing the new international project in Oman.
CLH has embarked on the company’s first international project in its history of more than 85 years. “In order to carry this out, a joint venture has been set up with the Omani company Orpic, a subsidiary of Oman Oil Company, which has been a leading partner of CLH since 2003”, explained Mr. López de Silanes.
This new joint venture will be making an investment of 200 million dollars between 2014 and 2017 for building a new terminal in Oman and a pipeline network of over 290 kilometres that will connect the new terminal with the refineries in that country and with the international airport in its capital, Muscat.
First quarter 2014 results
In the first quarter of 2014, the CLH Group obtained after-tax profits of 32.8 million euros, 25.7% more than in the same period of the previous year.
Operating income exceeded 136.2 million euros during the first three months of 2014, this representing an increase of 5.4% compared with the same period of 2013. As a result of all this, EBITDA increased in this period, exceeding 71 million euros, which means an increase of 16.9% compared with the same quarter of last year.
Deliveries of oil products from CLH facilities between January and March 2014 amounted to 9.6 million cubic metres, 0.5% more than those recorded in the previous year.
