Ventspils nafta announces its HI’15 operational results
In the first six months of the year the amount of oil products transshipped and transported by JSC “Ventspils nafta” subsidiary companies has decreased slightly. In the first half of the year LLC “LatRosTrans” (LRT) transported 2.98 million tons or 10.5 % less than last year, when the transported amount reached 3.33 million tons. LLC ““Ventspils nafta” terminals” (VNT) in the same period of time transhipped 5.9 million tons, which is an 8 % decrease.
Management of JSC “Ventspils nafta” explain the changes in the amounts with the fact that in the second quarter this year a decrease was observed in the oil products transported via the LRT pipeline from Russia. This was partly offset by the products transported from Belarus. The decrease in the oil products transported by LRT affected performance results of VNT.
In the second quarter this year LRT transported 1.2 million tons of oil products, meanwhile VNT transhipped 2.5 million tons.
In view of the geopolitical situation and uncertainties in the region, management of companies of the JSC “Ventspils nafta” Group are still cautious about the amounts of oil and oil products to be transhipped and transported this year.
“We continue to look for ways to cut costs and work more effectively. This allows us to provide quality services to our clients at a competitive price thus ensuring a stable flow of oil products to companies of the Group,” emphasizes Chairman of the Management Board of JSC “Ventspils nafta” Robert Kirkup.
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 terminals Ltd, which is the largest crude oil and petroleum product terminal in the Baltic States; 66% in LatRosTrans Ltd, which is a 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 medium-sized and handy tankers category.
Shares of JSC Ventspils nafta (NASDAQ OMX RIGA: VNF1R) are quoted in the Baltic Main List of the stock exchange NASDAQ OMX Riga since October 20, 1998.
