Sistema could take over independent Dutch-based Argos Group

According to reports in the media, the Sistema holding company is on the verge of closing a deal to acquire 100 per cent of Rotterdam-based Argos Group, an independent group in the downstream oil market in Europe, subject to the results of a due diligence.

Argos Group was founded a year ago from a merger of North Sea Group and Argos Oil. It has estimated revenues of approximately USD 14 billion a year.

Sistema already has exposure to the oil business through its ownership of Bashkortostan-based Bashneft and Russneft. The deal could generate synergies for Sistema, as it could subsequently export oil to Europe through Argos, thereby cutting out intermediaries.

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