LatRosTrans Will Invest Lats 7.4 mln within Four Years
The manager of LRT Igors Stepanovs is satisfied with the ruling passed on Wednesday, March 7 by the Chamber of Civil Matters of the Supreme Court, cancelling the prohibition for LRT and persons related to it to take actions to pump out and move technological oil from the main pipeline Polotsk-Ventspils in the territory of the Republic of Latvia.
The oil pipeline, which is planned to be adapted for transportation of gas, has not been used for delivery of oil already since late 2002. In turn usage of the petroleum product pipeline Polotsk-Ventspils is very intense, forming a part of the logistics chain between oil processing factories in Russia and petroleum product consumers in western countries. Petroleum products worth 5 billion US dollars are transported annually via the LRT’s petroleum product pipeline. The manager of LRT Igors Stepanovs anticipates that very high volumes of petroleum products will be transported via the petroleum product pipeline in March. “In the last 2 years our transportation volumes have grown slowly but persistently – these were 5.6 million tons in 2010, and 5.8 million tons – in 2011. We anticipate that similar increase rate in petroleum product transport will keep up in 2012 as well,” Stepanovs explains. In the last year – after losses of several years – the company worked with a profit. The unaudited profit of LRT in 2011 was 5.5 million lats, and turnover – 10.2 million lats.
Making use of increase in oil price, LRT succeeded to sell about 40 thousand tons of the oil that was pumped out from the pipeline a year and a half ago. “That enabled us to substantially reduce costs, as we were paying for storage of this oil, yet this oil is not used to ensure operation of our company anymore. Moreover, the sale price now is very good,” explains Igors Stepanovs, manager of LRT, at the same time emphasizing that sale of unusable assets is an important factor in restructuring of the company’s operation. The sale price is 15 million lats, in turn the sale costs that are formed by extraction of oil from the pipeline, cleansing and conservation of the pipeline, oil storage constitute 8 million lats. The money gained from sale of the oil is deposited on LRT’s account in one of Latvia’s banks, but the oil itself is transported to an EU country for processing.
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