Ventspils nafta
Ventspils nafta terminls Ltd ensures almost a half of the total cargo turnover of the Ventspils Port in the nine months of 2008
Ventspils nafta / Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- In the nine months of 2008, the crude oil and petroleum products transshipment company Ventspils nafta terminals Ltd, which is a JSC Ventspils nafta subsidiary, has transshipped more than 9 million tons of crude oil and petroleum products, thereby ensuring 46.1% of the entire total amount of cargos transshipped at the Ventspils Port. Ventspils nafta terminls Ltd has been able to reach such results despite the repair works of the main petroleum products pipeline Polotsk-Ventspils commenced in the territory of Belarus. Improvement of the technical condition of the pipeline will help in reducing ecological risks, yet at the same time, the repair works have affected the transshipment results of the terminal during the lasts months. The market situation and global processes in the world's economics have also had affect on the terminal's transshipment results. In the period of January-September in 2008, the transshipment volumes of Ventspils nafta terminls Ltd have exceeded 9 million tons, which is a million tons less than during an analogue period in 2007, yet it is 4.6 million tons more than in 2006 when the international investor Vitol Group was not yet attracted to the JSC Ventspils nafta Group and service of petroleum products pipeline was not renewed. The structure of the total amount of cargos transshipped by Ventspils nafta terminals Ltd in the nine months of this years is formed by 7 million tons of diesel fuel delivered by rail and via petroleum products pipeline, 1.3 million tons of gasoline and other petroleum products transported by rail and 0.8 million tons of crude oil and petroleum product cargos delivered by sea. Ventspils nafta terminls Ltd positively evaluates the petroleum product pipeline repair works commenced in Belarus, as we remember the incidents that have happened before causing ecologically negative consequences also to the environment of Latvia due to the poor technical condition of particular sections of the pipeline in the territory of Belarus. Of course, the repair works affect the transshipment results of Ventspils nafta terminls Ltd, yet we hope that the ecological risks will be largely reduced in Latvia after the repair works are finished, says the General Director of Ventspils nafta terminls Ltd Ronald Okker. He admits that both global and local processes in the area of transit business and the whole economics in general have affected also Ventspils nafta terminls Ltd. However, the work of the terminal in the complicated economic conditions is to great extent relieved by the fact that the contract with the foreign investor - Vitol Group Company - guarantees regular income in cases when the previously planned transshipment tonnage is not reached. In parallel with ensuring stable transshipment volumes, Ventspils nafta terminls Ltd modernization is implemented, by planning optimization of working processes and procedures, investments into technologies, as well as increase in workforce efficiency and introduction of higher investments in relation to environment protection. That means higher competitiveness of the company in Europe and globally, aiming at strengthening the positions of Ventspils nafta terminls Ltd as the most modern crude oil and petroleum products transshipment complex in the Baltic region. Cargo amount at Ventspils nafta terminals has increased gradually since 2007, when the company resumed receiving diesel fuel from petroleum products pipeline and started valuable cooperation with JSC Ventspils nafta and the company of international oil and gas consortium Vitol Group, which is a co-owner of and Ventspils nafta terminals Ltd. Ventspils nafta terminls Ltd is a subsidiary of JSC Ventspils nafta. 51% of it belongs to JSC Ventspils nafta while 49% are owned by the Vitol company Euromin Holdings Limited. The terminal renders transit services: reception of oil and diesel fuel via pipelines, as well as reception, storage and transshipment of crude oil, diesel fuel, motor gasoline and other petroleum products delivered by rail and sea For further information, please contact Gundega Vrpa, PR and advertising manager; tel. +371 67229182; e-mail: gundega.varpa@vnafta.lv News Source: NASDAQ OMX 10.10.2008 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Ventspils nafta Latvia Phone: Fax: E-mail: Internet: ISIN: LV0000999001 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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