Ventspils nafta termināls Ltd has maintained stable level of crude oil and petroleum products transshipment volumes in 2008

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 termināls 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 termināls Ltd Ronald Okker. The operating results
of Ventspils nafta termināls 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 termināls 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 termināls 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 termināls 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 termināls 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
termināls 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 termināls 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 termināls, 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 termināls 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 Vārpa,
Public Relations and Advertising Manager,
tel. +371 67229182;
e-mail: gundega.varpa@vnafta.lv