Barmalgas Reports Record €3M Profit Amid LNG Expansion and Russia Concerns
Barmalgas GmbH, a Brandenburg-based company specialising in autogas and LNG filling stations, has reported a record profit of nearly 3 million euros for 2022. The company is currently involved in a court case regarding the takeover of Polish Novatek's assets and plans to build an LNG terminal in Rostock. Meanwhile, concerns have been raised about its Russia connections and the potential geopolitical use of energy.
Barmalgas, which operates a nationwide network of filling stations, is led by Dzhamil Bulgakov, an experienced manager with knowledge of both the German market and Russian suppliers. The company's recent profit surge comes amidst its expansion into LNG transport and trade, including a new partnership with Cryogas, a Russian company taken over by Gazprombank in 2011. However, the future of Barmalgas' LNG supply from Gazprom remains uncertain.
The company has taken over the planning of an LNG terminal in the Rostock port, initially initiated by Novatek. This terminal, with the potential to handle around 800,000 tons of LNG per year, could receive up to 60 medium-sized LNG tankers annually. However, the termination of Barmalgas' supplier relationship with Novatek Green Energy has led to a search for alternative suppliers. BL Trade GmbH, founded in April 2023, specialises in transporting LNG by truck from the Baltic region to Germany and other central European countries, benefiting from Barmalgas' new trade with Cryogas.
Green politician Hannes Damm has called for a halt to the LNG terminal in Rostock due to concerns about Russia's geopolitical use of energy and the creation of dependencies. Barmalgas' questionable Russia connections, including helping a Putin friend save assets from sanctions, have further fuelled these concerns.
Barmalgas GmbH's expansion into LNG and plans for an LNG terminal in Rostock have raised eyebrows, with questions surrounding its Russia connections and the potential geopolitical implications. Despite these concerns, the company continues to explore new suppliers and partnerships, such as its recent collaboration with Cryogas. As the court case regarding the takeover of Novatek's assets progresses, the future of Barmalgas' LNG supply and the Rostock terminal remains uncertain.
