June 1954

The Heating Oil Amendment: Marquard & Bahls Buys the Tank Terminal on Veringkanal in the Port of Hamburg

The reason behind the expansion of storage capacity is the Federal Government's decision to subsidise heating oil exports. The “Heating Oil Amendment” guarantees each German oil exporter – regardless whether dealing in imports or German products – a customs refund from the government of DM 129 per ton. As a result, Marquard & Bahls could still make a profit even if the heating oil had to be sold below cost.