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Nature Group set to increase revenue with two oil-waste deals at Gibraltar facility

Port facilities and wastewater treatment specialist, the Nature Group (AIM: NGR) announced that its Gibraltar based subsidiary has signed two trans-shipment licences for the transportation and treatment of oil slops and wastewater. The respective deals with the Port of Malta and the Spanish port of Ceuta have the potential to significantly increase group revenue.

Nature CEO and chairman Richard Eldridge commented: “Together, these new agreements could increase the amount processed annually by up to 40,000 cubic metres which would significantly increase the revenue generated by the group."

The Maltese deal provides for up to 28,000 cubic metres of oil waste to be transported to Gibraltar in 2010, the waste will be offloaded from the tank storage used for waste oil reception. The initial trans-shipment licence with the Port of Malta is for one year. The deal with the Spanish port of Ceuta which is located on the North African coast, opposite Gibraltar, sees Nature’s subsidiary providing Ceuta’s principal waste collection group, EcoCeuta, with oil waste services for five years. Under the deal, collected oil wastes of up to 12,000 cubic metres per annum to be trans-shipped to Gibraltar.

In 2009 the group processed approximately 67,000m3 of oil waste waters at its facility in Gibraltar, from the Port of Gibraltar,  the trans-shipment of oil wastes from the Canary Islands and vessels passing the the strait of Gibraltar.

Disclosure: The author holds no positions in the company