Crude Oil Activities News

Wärtsilä opened its new office and workshop facilities in Mexico, in the city of Veracruz, which is the largest container shipping port in the country and is home to the Mexican Merchant Marine Academy. The new facilities will further expand Wärtsilä's offering in all market segments, especially in the marine and offshore segments. Since Wärtsilä is a strong player in the automation field, customers from the industrial market will also benefit. The new facilities, which cover an area of over 4000 sq. m., have been set up to enhance Wärtsilä's capabilities in the region. The 1000 sq. m. new workshop features an optimized layout for equipment…

The board of directors approved the proposal to demerge the crude oil shipping activities. For this purpose a demerger proposal will be deposited with the Registry of Commerce in Antwerp on September 21, 2004. Within the framework of this operation the crude oil activities will be demerged from CMB nv into Euronav nv. As a consequence of the demerger all CMB shareholders will be granted new shares in Euronav. CMB has already submitted a ruling application to the Ruling Commission in order to obtain confirmation of the tax neutrality of the envisaged transaction. CMB will also apply for a separate listing of the Euronav shares with Euronext Brussels, subject to the approval of the extraordinary general shareholders’ meeting.