Ventspils nafta: we are prepared for larger investments, but we lack state support

In the first half of 2016 JSC Ventspils nafta’s subsidiary Ventspils nafta terminals Ltd transhipped 4.29 million tons of petroleum products, in turn LatRosTrans Ltd transported 2.4 million tons.

The transported volumes are consistent with the predictions of the management of JSC Ventspils nafta Group. «We continue to face challenges both in the economic environment within the Baltic States and locally, therefore we are cautious about future petroleum product transportation volumes. We are ready for larger investments in the business development and greater contribution to the national economy, but there is a lack of encouraging attitude from authorities, for example, regarding the issue of permits necessary for the installation of a vapour recovery unit in the Freeport of Ventspils,» – emphasizes Robert Kirkup, the Chairman of the Management Board of JSC Ventspils nafta.

In the second quarter Ventspils nafta terminals Ltd transhipped 1.5 million tons, in turn LatRosTrans Ltd transported 831 thousand tons of petroleum products, thus exceeding in the first half of the year the historic transportation volume of 100 million tons. 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 port of Ventspils.

JSC Ventspils nafta is one of the largest groups of companies in Latvia and it operates in the petroleum product transport, transhipment, 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 the Vitol Group.

BNN 

Comment