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Monday 25.09.2017 | Name days: Rauls, Rodrigo
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VNT: current situation creates risks for investments in VRU project

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUPaying its tribute to the commitment towards environmental protection, Ventspils nafta termināls within the process of installation of a permanent vapour recovery unit (VRU) has placed an order for purchase of the VRU equipment for 3 million euro from US supplier.

The commitment of VNT to build and operate a VRU has been and remains a top priority of the company. On 17 January 2017, VNT reached a major milestone related to the VRU project by signing a purchase order with Aereon, a US based company with proven reputable experience across the globe in this technology field, in the amount of 3 million euro for the fabrication and supply of VRU equipment. The delivery will take place in September 2017. This is one major commitment towards this project with a combined investment of EUR 5-6 million. VNT believes that the installation of VRU will elevate the level of environmental standards in the city and positively contribute to a stable cargo turnover in the port.

VNT has started the permitting process related to this project and is expecting the technical regulations to be issued by Ventspils Regional Environmental Board by the end of January 2017. As Ventspils Freeport Authority has granted its general approval of the project during its recent board meeting, formal submissions to the Ventspils Freeport Authority are also expected to progress faster than in the past.

With new amendment to the Civil Law of the Republic of Latvia on building right having taken effect 01 January 2017, the company encounters ambiguity as to how the law is to be applied. This currently imposes some risk to this investment and the company looks towards the legislator to issue clear guidelines in order to proceed.

VNT counts on all related parties, including Ventspils Freeport Authority, environmental services, lawmakers, to make an effort in their capacity to support the initiatives of VNT which are targeted towards environmental protection but to also assure the sustainable future transshipment through the port of Ventspils, thus supporting port performance and the Latvian transit sector.

VNT provides transit services – receipt, storage and handling of crude oil and petroleum products that come by pipelines, rail tank cars and tankers. VNT is a technologically advanced terminal and the largest crude oil and petroleum products transhipment company in the Baltic States with a total tank capacity of 1.2 million cubic meters.

51% of VNT is owned by Ventspils nafta, which is one of the largest business groups in Latvia. Ventspils nafta is the group’s parent company, which manages the investments in group companies, contributing to the total value and appreciation of each individual company.

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