In the first nine months of this year, the JSC “Ventspils nafta” subsidiary “LatRosTrans” Ltd (LRT) transported 3.8 million tons, or 18% less than in the same period last year when the total petroleum product transportation volumes of LRT were 4.7 million tons. In turn ““Ventspils nafta” termināls” Ltd (VNT) transhipped 7.4 million tons in this period of time, which is 12.2% less than in the same period last year.
The JSC “Ventspils nafta” management explains that the changes in volumes are due to the fact that the petroleum product volumes transported via the LRT pipeline from Russia continued decreasing in this year’s third quarter. The decrease of LRT’s transported petroleum products accordingly affected the operating results of VNT as well.
In the third quarter of this year, LRT transported 864 thousand tons of petroleum products; in turn VNT transhipped 1.5 million tons.
“The geopolitical situation is very complicated at the moment. Work in two directions is necessary to be able to maintain flow of petroleum products through Latvia. Firstly, companies in the transit sector as such need to be as effective and competitive as possible. And the second direction is a focused government support policy, creating favourable business conditions for the transit sector”, says Head of the JSC “Ventspils nafta” Group companies Robert Kirkup.
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 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.
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.
Further information:
Elīna Dobulāne, Communications Consultant
JSC “Ventspils nafta”
Phone: +371-25959447
E-mail: elina.dobulane@vnafta.lv
www.vnafta.lv