JSC Ventspils nafta consolidated net turnover in the first half-year of 2010 has reached 29 million lats. JSC Ventspils nafta, as a parent company’s net profit reached LVL 3.5 million for the 6 months period in 2010, excluding foreign exchange gain from the revaluation of assets. In 2010 JSC Ventspils nafta as a parent company implemented strict cost cutting policy with the most substantial savings achieved in administrative expenses, which decreased from LVL 1.0 million in the first half of 2009 to LVL 0.6 million in the corresponding period in 2010.

VN subsidiaries Ventspils naftas termināls and LatRosTrans have shown successful economic activity, associated company JSC Latvian Shipping Company worked with losses.

In the reporting period, the management of JSC Ventspils nafta has essentially changed. On July 7, 2010, a new Supervisory Council of JSC Ventspils nafta was elected for a period of the next three years. Since the beginning of the year members of JSC Ventspils nafta management board have changed as well. During first half-year, one of the largest JSC Ventspils nafta shareholders Euromin Holdings (Cyprus) Limited increased its shareholdings in JSC Ventspils nafta by more than 1.5%, thus becoming an owner of 49.5% shares in JSC Ventspils nafta and thereby becoming the largest shareholder of JSC Ventspils nafta.

In the reporting period, price of JSC Ventspils nafta shares has ranged from LVL 0.91 to LVL 1.80, with the average price per share reaching LVL 1.17.

The JSC Ventspils nafta subsidiary Ventspils nafta termināls Ltd has reached income of LVL 24.2 million in the first six months of 2010. The transshipment volume of crude oil and petroleum products was 4.8 million tons. The throughput of products delivered by sea was 72 thousand tons and by pipeline – 964 thousand tons more than budgeted. Ventspils nafta termināls Ltd is one of the largest of such companies in the region, and its crude oil and petroleum products shore-tank farm reaches 1.2 million cubic meters.

JSC Ventspils nafta subsidiary, owner and operator of crude oil and petroleum products pipeline in the territory of Latvia LatRosTrans Ltd has reached income of LVL 5.2 million in the first six months of 2010, which is 28.2% more than in the corresponding period in 2009. Petroleum products transportation volumes of LatRosTrans Ltd in the territory of Latvia in the reporting period amounted to 2,963 thousand tons, which is 580 thousand tons (24.3%) more than in the respective period in 2009.

In the first half-year of 2010, the JSC Ventspils nafta associated company JSC Latvian Shipping Company worked with losses in the amount of USD 25.2 million.

VN management emphasizes that companies of JSC Ventspils nafta Group have to deal with hard and difficult work following the end of the reporting period to guarantee stable operations also in the future and ensuring that interests of all shareholders are observed.

Ventspils nafta

Zane Bojāre
JSC „Ventspils nafta” PR Manager
E-mail: zane.bojare@vnafta.lv
Phone.: 67821691; 29706733