Shares in Baltic Oil Terminals (BTC.L) today continued their ride up, despite the news that the Kaliningrad-focused oil operator's pre-tax losses increased in 2007.At the time of polishing up this article Baltic Oil's shares were up by 0.61% hitting a price of 87.63p a share.
The year of 2007 had been a tough fight which the group failed. They generated pre-tax losses of £11.8m in 2007, compared with £8.2m the previous year. However, revenues were up £956,000 from £222,000.
In January 2008, the company became the largest oil terminal and infrastructure company in Kaliningrad, thanks to the acquisition of a 50% share in the new Rosbunker terminal.
Additionally, Baltic Oil expects that the volume of hydrocarbon will hit 400,000 tonnes a month by 2009, compared with 59,000 tonnes in December.
Recently, Roman Niewiadomski was appointed as the company's finance director and company secretary. He replaces Rob Wilde who is set leave the company today.
"I am also pleased to welcome Roman Niewiadomski to the board. His experience will be crucial as we take Baltic into the next stage of its development," chairman Simon Escott said.
Reference
www.balticpetroleum.com
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