Bright start for Baltic JV

The joint venture between oil product terminal owner Baltic Oil Terminals and Swiss refined oil products trader Exoy Holding has got off to a slick start, with the first month of operations ahead of expectations. As part of the deal that saw Exoy buy a 51% stake in Baltic's trading subsidiary Baltic Hydrocarbons (BHL), Exoy agreed to buy 150,000 tonnes of distillates and lubricants for BHL to sell in December; in actuality, the company shifted 170,000 tonnes.An additional 80,000 tonnes have been contracted to be sold in January 2010 and further volumes of product are expected to be sold by BHL in February, the company said.Baltic Oil added that it Rosbunker and Baltic Top terminals are both operating at full capacity. London Btc