EMEA News
Termoil Launches Novorossiysk Physical Bunker Supply Joint Venture
Marine fuel trading firm Termoil and Russian bunker supplier SC DELO have joined forces on physical supply in the Novorossiysk area.
Under the new agreement Termoil will handle sales and marketing activities for the joint venture and DELO will deliver the sourcing and physical supply arrangements in the Novorossiysk port region, Termoil said in an emailed statement on Thursday. Termoil has had a similar marketing agreement in place in Malta for several years.
"It makes sense for us to co-operate, so we can focus on the physical side and leave all marketing and credit risks to Termoil and this way free up our own resources and save the costs and risks we had related to sales," a DELO representative said in the statement.
"Termoil has the perfect size as a partner for us -- they have enough experienced traders and offices to reach the worldwide clientele of shipping companies calling Novo, but still not one of the big companies where our size of business activity would not have priority."
Termoil has already seen a significant increase of enquiries in the region, Bjarke Staal, the company's general manager, said in the statement.
