Schoenherr has advised Oiltanking on the sale of a 91.1% stake in a liquid storage terminal at the Black Sea in Devnya, Varna, to Astra-Finance.
Closing is expected in the first quarter of 2023, pending regulatory approval.
Oiltanking is a subsidiary of Marquard & Bahls, an independent holding company in the energy and chemical sector. Through its portfolio, Oiltanking is one of the largest independent tank storage providers for gas, chemicals, and petroleum products worldwide.
Astra-Finance is a subsidiary of The Bulmarket Group, a manufacturer of biodiesel, refined and unrefined oils, and free acids in Europe and one of the biggest private transportation companies in the Balkans.
According to Schoenherr, “Terminal Devnya, with a storage capacity of 25,860 cubic meters, is strategically located at the Black Sea in Devnya, Varna, and provides storage and handling services for inorganic chemicals, biofuels, and edible oils. It is tightly integrated into its customers' value chains and has water, rail, and pipeline access.”
Schoenherr’s team included Partners Alexandra Doytchinova, Stefana Tsekova, and Ilko Stoyanov and Attorneys at Law Stela Pavlova-Kaneva and Dimitar Vlaevsky.
Schoenherr could not provide additional information on the deal.
