Transterm Holdings (ex Naftrans)

Transterm Holdings Cyprus Limited (ex Naftrans Limited) ("Transterm") operated the Batumi oil terminal on the Black Sea in Georgia. Transterm transported oil products via rail from the Azerbaijan border to the Batumi oil terminal and provided transshipment and storage services at the terminal.

In July 2003, ENR Russia Invest SA ("ENR") partnered with a management team and over time made an aggregate investment of USD 30 million into this business. In March 2008 Transterm sold its Georgian based operations to the KazMunaiGas group for cash.

By early 2013, ENR had received USD 55.5 million in cash from this investment via dividend receipts, KazMunaiGas sale proceeds and settlement proceeds. At year-end 2012 ENR continues to hold a 22.66% interest in Transterm. ENR is currently assisting Transterm with the realisation of its remaining interests.


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