Management of the companies of the JSC “Ventspils nafta” Group points out that the results of 2014 reflect what was foreseen in the business plan. Group wide, volumes increased marginally year on year, but are broadly in line with the historical average. As well, last year the Group continued divestment of non-core assets, including real estate, a medical clinic and shares in strategically irrelevant companies. Accordingly, that has increased business efficiency and streamlining of cost base.
Although the primary commercial agreements have been extended, the businesses remain vulnerable to geopolitical instability and potential strategic decisions by Russia regarding the export path of energy products. Management of the Group’s companies points out that in the worst case scenario the transported volumes in 2015 could decrease by 2.5 to 3 million tons.
Commenting on the update, Robert Kirkup, the Chairman of the Management Board, said: “In this challenging market environment we are focusing on ensuring we deliver energy products safely, on time and as efficiently as possible.”
Full year condensed financial report will be published on February 27.
About JSC “Ventspils nafta”
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 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.
JSC “Ventspils nafta” owns 51% in “”Ventspils nafta” termināls” Ltd, which is the largest crude oil and petroleum product terminal in the Baltic States; 66% in “LatRosTrans” Ltd, which is the largest Latvian-Russian joint venture in the Baltic States; 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.
Shares of JSC “Ventspils nafta” (NASDAQ OMX RIGA: VNF1R) are quoted in the Baltic Official List of the stock exchange NASDAQ OMX Riga since October 20, 1998.
Additional information:
Elīna Dobulāne, Communication Consultant
JSC “Ventspils nafta”
Phone: +371-25959447
E-mail: elina.dobulane@vnafta.lv