Emitents | Ventspils nafta, AS |
Veids | Citi |
Valoda | EN |
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Datums | 2011-11-15 14:56:50 |
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The dispute on technological oil, which has been in the oil pipelines of the Latvian-Russian joint venture LatRosTrans Ltd (LRT) for almost 20 years, should be addressed for the first time on the merits in the hearing planned on November 24 at the Latgale Regional Court (in Rēzekne). LatRosTrans feels confident about its ownership of the technological oil. The Byelorussian company “Polotsktransneft Druzhba”
unexpectedly filed a claim in court a year ago, holding a view that
the technological oil in the amount of 150 thousand tons belongs to
them, although the Byelorussian company has not succeeded to prove
its ownership rights to this oil. The Manager of LatRosTrans Igors
Stepanovs expresses a hope that the court will finally address this
case on the merits, as up to now the delay has been caused
exclusively by the Belorussian side – due to amendments to the
claim by the Byelorussian party. Stepanovs suggests that the reason
for a claimant delaying hearing of the case on its merits is
extremely unusual and can only mean that they lack confidence in
their case. It seems that the only motive for the Byelorussian
company “Polotsktransneft Druzhba” unsubstantial claim is hindering
the restructuring and future development of LatRosTrans.
Taking into account that the court has passed a ruling on
securing the “Polotsktransneft Druzhba” claim and therefore most of
the technological oil has to remain in the pipeline, there is still
relatively high ecological risk. In order to decrease those
risks last year LRT had started vacating the oil pipeline from the
oil, performed cleansing and conservation procedure in accordance
with the latest technologies. But due to the “Polotsktransneft
Druzhba” claim this work had to be stopped.
Recent history of the case
Initially the Byelorussian company “Polotsktransneft Druzhba”
required to return the technological oil in the amount of 150
thousand tons in the pipelines of LatRosTrans, the value of which
is about LVL 48.7 million (USD 90 million or EUR 69 million)
according to calculations of the Byelorussian company. The claim
was suddenly amended on September 15, 2011, requiring only 110
thousand tons of oil and a monetary compensation for the remaining
40 thousand tons of oil – LVL 13 million (EUR 18.5 million). At the
moment the Byelorussian party has commenced an active campaign in
the Russian media with a view to explain the sudden changes in the
claim, yet there is nothing mentioned about substantiation of the
claim as such.
These amendments to the claim, which were submitted to the
court only two months ago, are most likely linked to commencement
of cleansing of the oil pipeline a year ago. In order to fix the
oil pipeline vadu Polocka-Ventspils that has not been used for 9
years and to adjust it for new business needs, last year
LatRosTrans started vacating the oil pipeline from the oil,
performed cleaning and conservation of the pipeline by filling it
with nitrogen in accordance with the latest technologies.
Therefore, a part of the technological oil – 40 thousand tons –
were pumped out from the pipeline Polocka-Ventspils and placed into
a tank of Ventspils nafta termināls. The process of cleansing and
conserving the oil pipeline was stopped after the court ruling on
December 7, 2010, which secured the claim of the Byelorussian
company “Polotsktransneft Druzhba”, prohibiting to use and/or
utilize the technological oil in the oil pipeline Polotsk-Ventspils
owned by LatRosTrans in the territory of the Republic of Latvia. At
the same time, the court declined the request of the Byelorussian
company “Polotsktransneft Druzhba” to seize also the 40 thousand
tons of oil that was already pumped out from the pipeline
“Polotsk-Ventspils”, considering that there are no grounds to seize
this oil.
If the Latgale Regional Court of the Republic of Latvia will
still decide to recognize ownership rights of the Byelorussian
company “Polotsktransneft Druzhba” to the technological oil in
Latvia, the Byelorussian party might have to cover the costs of
LatRosTrans for storage of 150 thousand tons of oil in the
pipelines of LatRosTrans for nearly 20 years, which will possibly
exceed the amount, for which this oil could be sold now.
About LatRosTrans
LatRosTrans Ltd owns two oil pipelines in the territory of
the Republic of Latvia – Polotsk-Mazeikiai and Polotsk-Ventspils,
and oil in these pipelines has not been pumped for the last years.
In turn the petroleum product pipeline Polotsk-Ventspils currently
actively provides transport of diesel.
LatRosTrans Ltd is the largest
Latvian-Russian joint venture in the Baltic States. The Russian
partner – joint stock company Transnefteprodukt (subsidiary of
Transneft) owns 34% of the company’s shares, while 66% of the
shares are owned by joint stock company Ventspils nafta
(NASDAQ OMX RIGA: VNF1R).
Ilze Nagla
Public Relations Manager
JSC Ventspils nafta
Tel.: +371-29267454, +371-67715914
E-mail: ilze.nagla@vnafta.lv
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