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Wednesday 28.09.2016 | Name days: Sergejs, Svetlana, Lana
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Kirkup: economic environment of Baltic States remains challenging

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn Q1 2016 JSC Ventspils nafta’s subsidiary Ventspils nafta terminals Ltd transshipped 2.7 million tons of petroleum products in turn LatRosTrans Ltd transported 1.6 million tons.

Management of the JSC Ventspils nafta Group companies points out that the transported volumes are consistent with previous predictions. «Since the economic environment within the Baltic States is challenging, the Group remains cautious about petroleum product transportation volumes that can be reached this year. We continue optimising costs to compete in the current economic environment. However, to ensure an investment favourable business environment in Latvia, more support is necessary from institutions regulating the transport sector, for example, by issuing permits necessary for development of operations,» – says Robert Kirkup, the Chairman of the Management Board of JSC Ventspils nafta.

Ventspils nafta terminals Ltd transshipped 993 thousand tons in March, in turn LatRosTrans Ltd transported 547 thousand tons of petroleum products, reaching historic transportation volumes. Since 1994, LatRosTrans Ltd has transported over 100 000 000 tons of petroleum products of Russian and Belorussian producers via the pipeline system in the territory of the Republic of Latvia to the Ventspils port.

JSC Ventspils nafta is one of the largest groups of companies in Latvia and it operates in the petroleum product transport, transshipment, storage and shipping sector. JSC Ventspils nafta is the Group’s parent company, which manages investments in subsidiary companies by promoting Group’s joint values and growth in the value of each individual company.

It owns 51% in Ventspils nafta terminals Ltd, which is the largest crude oil and petroleum product terminal in the Baltic States; 66% in LatRosTrans Ltd, which is the only crude oil and petroleum product transport company that provides transportation of diesel fuel via the main pipeline in the territory of Latvia, from the Belarussian border to Ventspils.; 49.94% in JSC Latvian Shipping Company, which is among the largest vessel owners in the world in the segment of medium and handy size tankers.

100% of JSC Ventspils nafta shares belong to Vitol.

Ref: 102.109.109.2252


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