OREANDA-NEWS. August 18, 2009. Joint stock company Ventspils nafta has paid more than LVL 5.9 million in corporate income tax for 2008 this week to the state budget of the Republic of Latvia. Payment of such a significant tax amount was made possible by the strong financial results of Jsc Ventspils nafta for 2008, which reflected the success in efficiently implementing the holding’s basic function – efficient asset management, including optimal sale of assets, reported the press-centre of Ventspils nafta. 
 
Profit of JSC Ventspils nafta Group’s parent company in 2008 reached LVL 40.04 million, as assets outside the transit business industry were sold to Jsc Latvian Shipping Company in a mutually beneficial transaction. In turn, in accordance with the audited annual report of JSC Ventspils nafta for 2008, the consolidated net turnover of JSC Ventspils nafta Group reached LVL 63.1 million in 2008, with the Group’s consolidated profit after tax amounting to LVL 29.7 million.
 
“We are truly gratified that despite the complicated conditions that Latvia and the entire global economy is in, we have been able to gain considerable profit, thereby ensuring also considerable payments to the state budget,” emphasizes Chairperson of the Management Board for JSC Ventspils nafta Olga Petersone.
 
JSC Ventspils nafta is the central holding company in a transit-oriented Group whose task is to manage the investments in subsidiaries by promoting the Group’s joint values and growth in the value of each subsidiary individually. JSC Ventspils nafta Group is working in the following directions: transshipment of crude oil and petroleum products; transport of crude oil and petroleum products by pipelines; shipping business.