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Baltic Oil Terminals PLC has announced that the terminal capacity at its Petro Broker International BV (PBI) subsidiary at Europoort, Rotterdam, is now 100 percent let until the end of this calendar year following the signing of contracts with two businesses in the oil production and oil trading sectors.

Commenting on the news, Richard Healey, Chairman of Baltic Oil Terminals, said: "The acquisition of the Petroval business, completed in December 2010, is already proving its worth both in financial and strategic terms. These two relatively long term contracts with entities that historically have not used the Petro Broker capacity underlines our view that changing patterns of trading in the oil sector is shifting in favour of longer term physical storage of oil products on land, producing profitable and stable cash flows into the group.

"The acquisition has also given the group the opportunity of centralising its operations in Rotterdam, the central hub for the distribution of oil products in Europe. This business has now been fully integrated with our Kaliningrad based terminals businesses, sharing operational systems which should prove beneficial to both businesses in the longer term. This successful integration is central to our strategy of expanding the scope and range of our business in the region."

PBI's personnel have been relocated to smaller, more cost effective offices in Rotterdam which now act as the hub for operations across the group.

In his forecast for next year, Healey said: "We believe that sentiment towards the oil terminals market will remain robust for 2012 and the board remains confident that demand for our capacity will continue to be strong through 2012."