VNT Transshipped 10.58 Million Tons of Petroleum Products in 2014
OREANDA-NEWS. JSC "Ventspils nafta" subsidiary ""Ventspils nafta" terminЁЎls" Ltd (VNT) transhipped 10.58 million tons of petroleum products in 2014. Volumes of the transhipped products have grown by nearly 10% compared to 2013 when 9.64 million tons of cargoes were transhipped. In turn, the petroleum product transportation volumes of "LatRosTrans" Ltd in this period reached 5.7 million tons, which is 5% more than in 2013 when were transported 5.5 million tons.
Management of the companies of the JSC "Ventspils nafta" Group points out that the results of 2014 reflect what was foreseen in the business plan. Group wide, volumes increased "text-align: justify;"> Although the primary commercial agreements have been extended, the businesses remain vulnerable to geopolitical instability and potential strategic decisions by Russia regarding the export path of energy products. Management of the Group's companies points out that in the worst case scenario the transported volumes in 2015 could decrease by 2.5 to 3 million tons.
Commenting on the update, Robert Kirkup, the Chairman of the Management Board, said: "In this challenging market environment we are focusing on ensuring we deliver energy products safely, on time and as efficiently as possible."
Full year condensed financial report will be published on February 27.
JSC "Ventspils nafta" is one of the largest groups of companies in Latvia and it operates in the petroleum product transport, transhipment, storage and shipping sector. JSC "Ventspils nafta" is Group's parent company, which manages investments in subsidiary companies by promoting Group's joint values and growth in the value of each individual company.
JSC "Ventspils nafta" owns 51% in ""Ventspils nafta" terminЁЎls" Ltd, which is the largest crude oil and petroleum product terminal in the Baltic States; 66% in "LatRosTrans" Ltd, which is the largest Latvian-Russian joint venture in the Baltic States; 49.94% in JSC "Latvian Shipping Company", which is among the largest vessel owners in the world in the segment of medium and handy size tankers.
Shares of JSC "Ventspils nafta" (NASDAQ OMX RIGA: VNF1R) are quoted in the Baltic Official List of the stock exchange NASDAQ OMX Riga since October 20, 1998.