| Baltic Oil Terminals names Niewiadomski |
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| Thursday, 10 April 2008 | |
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Baltic Oil Terminals has appointed Roman Niewiadomski as group finance director and company secretary with immediate effect.
Baltic's objective is to leverage increasing demand for shipment of hydrocarbons in Kaliningrad, Russia. 2007 has been a transformational year for Baltic. Its acquisition of a 50 per cent share of the new Rosbunker terminal, which completed in January 2008, has enabled the company to make significant progress towards its goal of becoming the largest oil terminal and infrastructure company in Kaliningrad. Importantly, Rosbunker is already fully operational and generating cash flows. Baltic has evolved from being a project start-up company to becoming an operating hydrocarbon transhipment business with tangible assets and revenues. As a result of the decision to move the corporate aspect of the business to Kaliningrad, under the same roof as its operations, Baltic’s current finance director and company secretary, Robert Wilde, will be leaving the company with effect from 10 April 2008. Niewiadomski, 48, is a chartered accountant and speaks fluent Russian. He has over 10 years of oil and gas and other natural resources experience in the former Soviet Union and joined the firm in February 2008. The firm’s preliminary results for the year ending 31 December 2007 showed that adjusted loss, after adding back non-recurring items, widened to £4.1 million, compared to £3.1 million in 2006. Baltic (LSE:BTC) had a cash position of £3.0 million as at 31 December 2007, compared to £17.9 million in 2006. |
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