PAN Pan European Terminals

RNS Number:1656M
Baltic Oil Terminals Plc
16 November 2006


16 November 2006


               Baltic Oil Terminals PLC ("Baltic" or the "Group")



First transhipment contract signed for OOO Torgovy Dom Kaliningradneft ("TDKN")


The Directors of Baltic are pleased to announce that the Group's wholly owned
subsidiary, Baltic Hydrocarbons Limited ("Baltic Hydrocarbons"), has entered
into a shipping agreement on behalf of TDKN, in which the Group has a 51 per
cent equity interest, with GT Trading OY ("GT Trading"), which itself is owned
as to 35 per cent by Trafigura Beheer BV, the major oil and commodity trading
group.


Under the agreement, GT Trading has contracted to ship gasoline, on a take or
pay basis, through TDKN's managed oil and refined product export transhipment
terminal located within the Russian Naval base at Baltysk, Kaliningrad. The
agreement provides for transhipments, during a trial period until 28 February
2007, of 15,000 tonnes in November, increasing monthly thereafter up to 30,000
tonnes in January. Upon satisfactory conclusion of the trial period, GT Trading
will be contracted to tranship 30,000 tonnes per month until 31 December 2007
and has an option to utilise the balance of TDKN's capacity over that period.


GT Trading will pay a fixed sum per tonne supplied, or a proportion thereof for
unutilised capacity, out of which Baltic Hydrocarbons will deduct a 5 per cent
handling commission.


TDKN has separately extended each of its local operating agreements for a new
term of five years, as a result of which US $1.26 million (#0.67 million) of
consideration and loans due from the Group, under the agreement through which
the Group acquired its 51 per cent interest in TDKN, is now payable.


The Directors anticipate that TDKN's transhipment capacity will reach 200,000
tonnes per month by August 2007.


Commenting on the new contract, Simon Escott, Chief Executive of Baltic, stated:


"This is a further major step in the evolution of the Group as, not only do we
commence export transhipments this month, but we have also contracted 30,000
tonnes per month throughout 2007.


"The construction of Tetoil remains on track and on budget, and continues to be
expected to contribute to the Group's total transhipment capacity in January
2007".


                                      ENDS


For further information, please call:


Baltic Oil Terminals PLC

Simon Escott 020 7667 6371

Robert Wilde 01908 547 920


Financial Dynamics 020 7831 3113

Billy Clegg

Ed Westropp



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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