Merger Between North Sea Group and Argos Oil in Effect

ROTTERDAM, The Netherlands, October 25, 2011 /PRNewswire/ --

Largest independent oil and energy company of Western Europe

The legal merger between North Sea Group (NSG) and Argos Oil (Argos) has come into effect today. The new Dutch combination will be an important supplier of oil and energy, with a substantial position in the Western European energy market. The company name will be announced at a later date.

Joined forces

The new company that is the result of the merger between NSG and Argos will be one of the largest independent players in the Western European oil- and energy market. The company employs 850 people, has a combined tank storage capacity of more than 1.5 million m³ and annual turnover of approximately €10 billion.

From producer to consumer

Under CEO Peter Goedvolk, the new company will concentrate on midstream- and downstream activities. The new company services the entire value chain, from producer to consumer. The core of its activities will be carried out from the BeNeLux, Germany, France and Switzerland. Outside Europe, the company has offices in Brazil, Singapore and China.

Shareholders and Board

The shareholders of the merged company are Reggeborgh, Atlas Invest, Argos Energy Group and STAK Management. The new board consists of Peter Goedvolk (CEO), Cees den Ouden (CFO), Ron Scheepers and Rick Klop.

" … one of the most appealing oil and energy companies of Western Europe …"

Peter Goedvolk: 'Growth is essential in today's oil markets. It's all about volume so those who want to participate in a successful manner need scale. By merging NSG and Argos we achieve the size that we need in order to service the entire value chain. My fellow directors and shareholders are convinced that together we can become one of the most appealing oil and energy companies of Europe. The merger offers great opportunities to further expand our activities in Western Europe, to enlarge our international storage capacity and to sharpen our focus on sustainable energy.

Note to the editor:

About North Sea Group

NSG is a major player in the West European downstream oil market. It combines storage and distribution with the international trade in and selling of mineral oils and biofuels. It is also active in Asia and South America, where it is striving for the further expansion of its position in the world-wide oil market. Safety, sustainability and the environment have high priority at NSG.

About Argos Oil

Argos Oil was set up by CEO Peter Goedvolk in 1984 and is one of the fastest-growing oil and energy companies in the Benelux. Its divisions in the Netherlands, Belgium, Luxembourg, France and Germany are active in all aspects of the oil and fuel business. Energy needs and the mix of energies satisfying them, in which there is increasing emphasis on the environment, are constantly changing. Argos responds to this with flexible working methods and a broad product portfolio.

SOURCE Argos Oil and North Sea Group