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Tuesday 20.03.2018 | Name days: Made, Irbe

Vitol could consider building liquefied natural gas terminal

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Vitol might consider building liquefied natural gas (LNG) terminal in Latvia, says Marc Ware, representative of the major a/s Ventspils oil owner Vitol Group.

Baltic news, News from Latvia, BNN-NEWS.COM, BNN-NEWS.RU

Marc Ware

Vitol Group companies’ operations are successful in Latvia and Latvian Shipping Company (Latvijas Kuģniecība) is gradually standing up on its own two feet as well, Ware told the newspaper Dienas Bizness.

Vitol owns several LNG terminals, so I can say it means huge investments. LNG terminals are crucial for Great Britain but I am not sure whether Latvia needs the same. Vitol is not currently considering building a LNG terminal in Latvia, as it needs to see economic grounds as well. However, if the Latvian government did turn to us, we would agree to discuss details of the project, he says.

Ware points out Vitol has invested over 300 million dollars in its Ventspils business but there are no intentions to sell it as Vitol hopes to break even.

At the moment, the company is not planning new investments in Latvia, as it is focusing on two new oil terminals in Cyprus and Malaisia, Ware adds.

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