Naftrans Limited
Naftrans operated the Batumi oil terminal on the Black Sea in Georgia. It 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 partnered with a management team and invested USD 8 million in Naftrans. ENR invested a further USD 22 million in January 2006.
During March 2008, Naftrans sold all its Georgian operating assets to the KazMuniGas group for cash. At 30 June 2010 ENR, from sale proceeds, received USD 10 milion as a special dividend distribution from Naftrans and a further USD 21.311 million as an interest free non repayable shareholder loan. A further USD 6.797 million was received from Naftrans in 2010 and at year-end 2010 ENR had a 22.66% interest in Naftrans.
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