North Sea Group and Argos Oil in Merger Talks
– Largest Independent Energy Supplier of
Energy suppliers North Sea Group and Argos Oil are discussing a merger.
If the talks are successful, this autumn will see the creation of the largest
independent player on the North-west European market in, with more than 850
employees, a combined tank storage capacity of over 1.5 million m3 and annual
turnover of approximately
NSG and Argos are strong in midstream and downstream activities (storage
and transfer, blending and trading of oil products, bunkering of seagoing and
inland vessels, distribution and sales of oil products and biofuels, ‘from
producer to consumer’). The new company will be active throughout
core activities and future growth ambitions into sharper focus. It wants to
become an integrated provider of logistic services in the energy field.
Beside storage, transfer and distribution, these services include trading and
bunkering activities for seagoing and inland ships. Sustainability also has a
high priority at NSG. Merging with Argos will enable us to realise all our
ambitions better and more quickly and will give us a platform for further
with NSG’s. We have been working for some time on expanding our operations in
We believe that, in the rapidly-consolidating energy market, joining
forces with NSG is an important step in the right direction towards realising
our growth plans. We hope to be able to conclude the merger talks in the
fourth quarter of 2011, so that we will become a fully integrated company
with a clear vision of the future.”
The next few months the plans for integration and realising further
synergies are being worked out.
Because of a difference of opinion about the long-term growth strategy of
other shareholders, Reggeborgh, Atlas Invest and
transaction, these shareholders realise a further increase of their holdings
in the energy sector.
In line with its strategic focus, NSG has decided to dispose of its
inland shipping activities Interstream Barging (ISB). NSG will sell 70% of
the shares in ISB’s inland shipping activities to the
before the intended merger with Argos. NSG will retain a 30% strategic
minority interest in ISB in order to guarantee the availability of the fleet.
About North Sea Group
NSG is a major player in the West European downstream oil market. It
combines storage and distribution with the international trade in and selling
of mineral oils and biofuels. It is also active in
where it is striving for the further expansion of its position in the
world-wide oil market. Safety, sustainability and the environment have high
priority at NSG.
About Argos Oil
Argos Oil was set up by CEO
fastest-growing oil and energy companies in the Benelux. Its divisions in
aspects of the oil and fuel business. Energy needs and the mix of energies
satisfying them, in which there is increasing emphasis on the environment,
are constantly changing. Argos responds to this with flexible working methods
and a broad product portfolio.
SOURCE North Sea Group and Argos Oil