Vitol Group has acquired 35% of Ventspils nafta Joint Stock Company
Vitol Group has acquired 35% of Ventspils nafta Joint Stock Company (Latvia) – 90.4% of state-owned stake sold yesterday, October 5, in a public sale. Vitol Group is the company engaged in wholesale of oil and oil products. It is the customer of Latvian Parex banka – financial advisor on privatization. This information has been provided Riga newspaper Diena, according to IA REGNUM. According to the edition, Vitol Group operations cover Europe, Asia and North America, its central office is in Rotterdam. The Company’s annual return is about 80 million dollars, its owners are different private persons. Participation of Vitol Group in the sale has dispelled rumors as regards interest of Aivar Lenbers, Ventspils mayor, in purchase of the shares with application of resources from offshore subsidiaries of Latvian Shipping Company -= member of Ventspils nafta Holding, Diena writes. Though Vitol is an important player at the global wholesale market of oil and gas, it is too early to say that it is able to return oil flow to the pipeline that has been empty for three years already. Olga Petersone, President of Ventspils nafta, told the newspaper’s reporter that Vitol Group has long been the customer of Ventspils nafta. It uses the company’s terminals for transshipment of oil products.
