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Oiltanking announces sale of Bulgaria terminal

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Picture of Meenal Datar

Meenal Datar

Membership specialist

Logistics service provider for tank terminals, Oiltanking, has announced that it has entered into an agreement to sell its 91.1% stake in the liquid storage terminal in Varna to the Astra Group.

The terminal with a storage capacity of 25,860 m3 is located at the Black Sea in Devnya, Varna and provides storage and handling services for inorganic chemicals, biofuels and edible oils. The remaining shares of the Bulgaria terminal are held by the Port of Varna and are excluded from the transaction.

Matti Lievonen, CEO of Oiltanking says: ‘We sincerely thank our customers for their trust and the local team for their loyalty, dedication and hard work over the past two
decades. This terminal continues to have great potential, which we are confident the Astra Group is the right party to exploit.’

‘It is with great honour and gratitude that we were able to accomplish the deal with Oiltanking, who we consider a sincerely trustworthy and collaborative partner. We will do our utmost to make sure that the transition occurs as smooth as possible for all parties concerned and to further develop the future of Oiltanking Bulgaria,’ adds
Stanko Stankov, CEO of Astra-Finance AD.

The transaction is expected to be completed by the end of Q1 2023.

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