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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: