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. Last Updated: 07/27/2016

Exploration Widens Baltic Oil's Losses

Baltic Oil Terminals, an exporter of Russian oil products, said Monday that its first-half loss widened on exploration and administrative costs.Baltic's net loss increased to £4.4 million ($8.9 million) from £3.92 million in the year-earlier period, the company said in a statement.

Revenue gained 23 percent to £273,000.

"Baltic's results for the first six months of 2007 are modest," the London-based company said in its statement.

"The second half of 2007 should see the company handling a variety of cargoes including crude, mazut and diesel from four separate terminal businesses, thereby giving a diverse income stream."

Baltic, which sold shares to the public in April 2006 and raised £8.4 million in November for further exploration in western Siberia, said it expected its Tetoil Baltic and TDKN terminal projects to begin operating in the second half.