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More Russian investment from Baltic Oil Terminals

Baltic Oil Terminals intends to invest in oil infrastructure projects in Russia and the Former Soviet Union.

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To date its only asset is a 58.35% stake in Tetoil, which plans to build an oil export terminal in Kalingrad. Kalingrad is cut off from the rest of Russia by Lithuania and this makes it Russia's most southerly port in the Baltic Sea. Two-fifths of Russian oil is exported through the Baltic and Kalingrad already accounts for a sizeable chunk. Baltic expects to be shipping oil through the terminal by January 2007. Potential customers have already expressed interest in transporting more oil than the terminal's capacity. Baltic's partner is a businessman with ties to President Vladimir Putin's wife. Baltic also has a 50/50 joint venture exploring for oil in Western Siberia. The long-term plan is to pay out 50% of distributable profits in dividends. Baltic raised £23m at 140p a share and they have since risen to 165p, valuing the company at £72m.

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