1 March, 2018, 09:45

In February 2018 AOT Energy parted with its Houston based senior management team due to disagreements in organization and management principles, it said in the official realese February 26.

As a direct result the US - Shared Services division in Warsaw, run under the former Houston CFO, is being significantly reduced. In the same time company inform that natural gas trading and other commercial activities of AOT Energy Poland are completely unaffected and continue as usual. AOT Energy Group remains committed to provide full support and all the resources needed for successful development of its business lines in CEE region.

AOT Energy Americas has contributed positively to the trading business of the group in 2017. The group management of AOT Energy affirms that the Houston operation is an integral part of the group’s business and will be replacing the local senior management team to maintain and strengthen that contribution.

In early 2018, AOTE reduced its European distillates and USGC fuel oil business in light of shrinking margins, while at the same time the Group expanded its global crude oil, light-ends, natural gas, and LNG trading capabilities.

In August 2016, a partial MBO was successfully executed whereby AOTE’s management, traders and senior employees acquired 49% of all Group shares. Leading up to this Partial-MBO, the Group was restructured and its equity reduced. As a direct result of the equity reduction, the Group in 2016 reduced its credit lines, although they are still significantly over US Dollar 2 billion.

AOTE holds a call option to acquire the remaining shares from its main shareholder CNP. AOTE’s option to partner with a strategic investor has always been a consideration, subject to a partnership which could enhance both firms’ operations. Accordingly, we are in current discussions with several strategic investors to co-invest in the acquisition of the remaining 51% stake with a view to enhancing both party’s business.