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Wed 30 Nov 2011, 10:12 GMT

Baltic Oil announces directorate changes


Terminal operator appoints non-executive director, whilst another resigns.

UK-headquartered terminal operator Baltic Oil Terminals plc has announced the appointment of Louis Emmanuel Castro to the board as a non-executive director, with immediate effect.

Castro, aged 53, is a corporate finance professional who has a wealth of experience in the finance markets as well as sectors relevant to Baltic Oil.

He is currently Head of Capital Markets at Northland Capital Partners, a London based investment bank, and has over 25 years of experience in corporate finance, equity capital markets and mergers & acquisitions, both in the City and overseas.

Castro has been Head of Corporate Finance at Matrix Corporate Capital LLC and at Insinger de Beaufort. He was also previously at Williams de Broe, Price Waterhouse and SG Warburg.

Castro is a chartered accountant, qualifying with Coopers & Lybrand, having initially worked as an engineer in industry. According to Baltic Oil, he has advised a number of small and mid-cap companies most recently in the oil & gas and mining sectors.

Commenting on the appointment, Richard Healey, chairman of Baltic Oil, said: "Louis' expertise in corporate finance and long experience of helping companies with their growth plans will prove invaluable to Baltic as it seeks to fulfil its objective of becoming a significant regional player in the terminals business."

Baltic Oil has also announced that William Stanley Buck has decided to resign as a non-executive director of the company with immediate effect. Buck has served on the Baltic Oil board since August 2006, shortly after the company was admitted to trading on AIM. He is a past chairman of Dow Chemical Company UK.

"Stanley has proven a great source of expertise to the company and his counsel has been much appreciated by the board and the executive management team. Having given the company 5 years of unstinting service Stanley feels, at his age, a desire to lessen his workload. On behalf of the board, the executive team and the shareholders I would like to thank him for his invaluable input over the past five years," said Healey.

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