Ventspils nafta
Ventspils nafta terminls Ltd has maintained stable level of crude oil and petroleum products transshipment volumes in 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 2008, the JSC Ventspils nafta subsidiary, crude oil and petroleum products transshipment company Ventspils nafta terminals Ltd, has ensured stable level of transshipment volumes by transshipping in total 11.6 million tons of crude oil and petroleum products. The major proportion of cargos is traditionally formed by 8.7 million tons of diesel fuel delivered by rail and via petroleum products pipeline, 1.4 million tons of gasoline of various grades delivered by rail and 1.1 million tons of crude oil and petroleum product cargos delivered by sea. Events in the global economy, the unfavorable global oil market situation in the last months and the international competition in the transit area have certainly influenced and still influence the operating results of Ventspils nafta terminls Ltd. However, the company has been able to ensure stable level of crude oil and petroleum products transshipment volumes above the 10 million ton mark in 2008. The transshipment volumes reached only 5.7 million tons in 2006, but 13.3 million tons were reached 2007, which was a successful year in terms of business, emphasizes the member of the Management Board and General Director of Ventspils nafta terminls Ltd Ronald Okker. The operating results of Ventspils nafta terminls Ltd in 2008 were affected several months also by the repair works of the main petroleum products pipeline Polotsk-Ventspils in the territory of Belarus, which resulted in a reduced diesel fuel flow in the direction of Ventspils. At the same time, year 2008 was a period of significant changes and events for Ventspils nafta terminls Ltd - active modernization, improvements in the area of ecology and optimization of usage of all types of resources was implemented in the company, thereby adapting to the new economic conditions and strengthening the positions in the international market. Whereas for forming successful social dialogue and forming a good social partnership through collective agreement, Ventspils nafta terminls Ltd received the annual award Cooperation Partner 2008 from the Free Trade Union Confederation of Latvia in the nomination Private Enterprises. Modernization of the terminal was commenced along with involvement of the new strategic partner - the international oil and gas company Vitol - in summer 2007. Additional safety in the complicated economic conditions is ensured for Ventspils nafta terminls Ltd by the fact that the contract with the foreign investor guarantees regular income for the terminal in any event. The aim of modernization is to strengthen the positions of Ventspils nafta terminls Ltd as the major crude oil and petroleum products transshipment complex in the Baltics through development of its activity according to similar principles as in other companies under the Vitol Group worldwide, such as EuroTank in Rotterdam and Amsterdam. According to the development plans of Ventspils nafta terminls Ltd, its development will give relevant contribution to promote competitiveness of both the company and the entire port of Ventspils. The most remarkable contribution that Ventspils nafta terminls Ltd has made into improvement of environment protection in 2008 is launching the new, modern treatment plants that are unique in the Baltic region. The plants are flexibly applicable for treatment of any type of petroleum products and correspond with the topical activity trends of SIA Ventspils nafta terminls, which are characterized by variety of transshipped petroleum products - at the present moment, the terminal receives and transships more than 20 types of petroleum products. The company has invested about 1 million lats in the treatment plants. 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 (Cyprus) 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. JSC Ventspils nafta Further information - Gundega Vrpa, Public Relations and Advertising Manager, tel. +371 67229182; e-mail: gundega.varpa@vnafta.lv News Source: NASDAQ OMX 14.01.2009 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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