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.

To date ENR has received some USD 55.5 million in cash from this investment via Transterm distributions. ENR continues to hold a 22.66% interest in Transterm and will do so until a final cash distribution will be received from Transterm .

© ENR Russia Invest SA