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Sunday 19.01.2020 | Name days: Alnis, Andulis
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Belarusian company starts proceedings on LatRosTrans oil pipeline ownership rights

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The Belarusian company Družba has started legal proceedings on the oil pipeline Polock – Ventspils ten millions of lats worth technological oil ownership rights, on which SIA LatRosTrans has also laid a claim, informs the newspaper Dienas Bizness.

Baltic news, News from Latvia, BNN-NEWS.COMAccording to AS Ventspils nafta (VN) subsidiary SIA LatRosTrans (LRT) Board Member Igors Stepanovs, LRT has stopped oil extraction to comply with the Court’s decision. However, according to unofficial information, the buffer-oil extraction from the pipeline was interrupted due to technical, not legal reasons, namely, the 50 000 cubic meters large tank for oil storage, which was allotted to another VN subsidiary company SIA Ventspils nafta termināls (VNT) is filled with the already extracted oil, so there is simply no place for a new batch of pumped oil in the terminal. LRT started pumping the buffer-oil on November 25, indicates the portal delfi.lv.

After Novopolock Republic’s unitary oil transport company Družba filed a claim against LRT on property rights of technological oil, Daugavpils District Court has decided to impose a ban on the use and disposal of movable property, including the distrain of technological oil in the pipeline Polock – Ventspils, to prohibit oil extraction for LRT and entities related to it, as well as requested to provide 150 218 tons of buffer-oil, reports Db. «We have tried all other possible solutions, but, unfortunately, they have not been successful, and there is currently no other way but to initiate proceedings,» acknowledges the Belarusian public official who wished to remain anonymous.

«The Court’s decision on the claim will enter into force if within 10 days time from the date of its issue to the parties involved in the proceedings it will not be appealed against at Latgale District Court,» explains Daugavpils District Court representative Aiga Trokša –Troška. At the moment, the proceedings on the filed claim by Družba on the recognition of ownership have not been established. The request referred to buffer-oil volume of 150 218 tons, which differs from the company’s previously mentioned balance of 149 500 tons in the pipeline (a difference of 718 tons). However, this does not change the nature of case. Db notes that in LRT financial statement on the year 2009 the buffer-oil has been recognized as a contingent asset, moreover, it was stated – there is a small chance that as a result of a possible sale the third party could impose legal requirements in the future.

Against against destruction of pipline business is also Ventspils nafta shareholder LNT. LNT said that the company was unpleasantly surprised by the unilateral actions of Vitol. The LatRosTrans management, directed by Vitol, decided to empty the crude oil pipeline and, thereby, turning it practically into scrap. Vitol took this decision without even a single consultation with LNT. LNT vigorously resists these actions, even more because the ownership of the crude oil in the pipeline is not resolved. LNT believes, the oil in the pipeline does not belong to LatRosTrans, as it never figured in its balance sheet.

The failure of the Latvian government to take appropriate action in the context of the oil pipeline issue is difficult to understand for LNT. The LNT Chairman Rudolf Meroni stated: “We are surprised that the Latvian state has not even begun to address the situation of the pipeline. The crude oil pipeline is one of Latvia’s strategic assets, which the country should protect with all forces. And even more so, because Belarus, one of Latvia’s key strategic partners in the transit business, is opposing the current activities regarding the pipeline. Moreover, neither the management of Ventspils Nafta nor LatRosTrans approached LNT to determine the view of the second-largest shareholder regarding steps of crucial strategic importance. Vitol’s unilateral actions significantly change the opportunities of Ventspils Nafta in the oil transit business. “Nobody asked our view about these steps. LNT, one of the largest shareholders in Ventspils Nafta, interested in the Ventspils business development, has been ignored by Vitol, to take such a significant and strategic decision.” said Rudolf Meroni.


Leave a reply to vcx

  1. vcx says:

    Everlasting activities between these sides…

  2. Mattingly says:

    Why do I bother cilalng up people when I can just read this!

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