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"Vitol" considering investment opportunities in Latvia's gas industry

Photo: AFP.
 RIGA, Nov 20 - International energy and commodity trading company "Vitol" is considering investment opportunities offered by Latvia's gas industry, as "Vitol Group" head Ian Taylor says in an interview with the "Dienas Bizness" newspaper.
Taylor emphasizes the importance of successful cooperation among all players, including the government, and says that gas industry in Latvia deserves to be assessed. If the assessment is successful, "Vitol" could consider investments in Latvia, says Taylor. "Dienas Bizness" adds that "Vitol" could be interested in not only liquefied natural gas but also other projects in the gas industry.
"Vitol" owns 49.5 percent of "Ventspils nafta" (Ventspils Oil) shares and, via "Ventspils nafta", 66 percent of oil pipeline management company "LatRosTrans" and 49.94 percent of "Latvian Shipping Company" shares.
As reported, after the Baltic countries failed to reach agreement on the best location for the region's liquefied gas terminal, the European Commission hired a consulting firm to carry out an independent analysis. The initial results of the analysis said that, if a gas connection is built between Estonia and Finland, building the terminal in Estonia would be more advantageous than in Latvia or Estonia. Latvia has presented its reasons, and the final report will be released in the near future. According to unofficial information, the terminal could eventually be built in Finland.
In the meantime, Lithuania has decided to build its liquefied gas terminal at Klaipeda Port, which is expected to commence operations at the end of 2014.

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