Pan European Terminals PLC (PAN) is engaged in the operation of hydrocarbon transhipment terminals in the Europort, Rotterdam, Aabenraa Denmark and Baltysk on Russia's Baltic Sea coast. The Company also carries out trading in refined products. The Company considers that its activities be split into two key areas, terminal and trading activities. The terminals operating segment provides terminal handling and storage services on behalf of clients wishing to export oil products and has bases in the Netherlands, Denmark and Russia. The trading operating segment matches buyers and sellers of hydrocarbon product and takes a margin on the product sold. The Company�s subsidiaries include Baltic Petroleum Limited, Baltic Terminals Limited, Baltic Petroleum (E&P) Limited, Caspian Finance Limited, Baltic Hydrocarbons Limited, Zauralneftegaz Limited, Tetoil Limited, Tetoil Baltic Limited, OOO Zauralneftegaz, OJSC Tetoil, OJSC Tetoil Baltic, OOO Polex Service and Pazega Limited.