Emitents | Ventspils nafta, AS |
Veids | Citi |
Valoda | EN |
Statuss | Publicēts |
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Datums | 2012-03-09 11:02:13 |
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LatRosTrans Ltd (LRT), which is one of subsidiaries of JSC Ventspils nafta (NASDAQ OMX RIGA: VNF1R), is planning to invest 7.4 million lats into its economic activity within the next four years. The company is planning to continue the restructuring and to adapt the oil pipeline Polotsk-Ventspils owned by it for new business needs. It is planned to finish vacating the oil pipeline from oil, cleansing and conserving it in line with the latest technologies so that this pipeline can be used for delivery of gas to Ventspils that has not been gasified up to now. The manager of LRT Igors Stepanovs acknowledges that several industrial clients have already shown their interest in creation of a new gas pipeline. 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.
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 in the recent
years.
In order to fix the oil pipeline
Polocka-Ventspils that has not been used for 9 years, last year LRT
started vacating the oil pipeline from the oil, performed cleaning
and conservation of the pipeline in a section of 100 km out of the
total 330 km, by filling it with nitrogen in line with the latest
technologies. This part of the technological oil was never seized
as a claim securing in the legal proceedings with the Byelorussian
company “Polotsktransneft Druzhba”.
The third pipeline owned by LatRosTrans – Polotsk-Ventspils
is used for delivery of petroleum products and 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). LatRosTrans is the second
largest limited liability company in terms of the share capital,
which is 107.5 million lats.
Ilze Nagla
Public Relations Manager
JSC Ventspils nafta
Tel +371-29267454, +371-67715914
E-mail:
ilze.nagla@vnafta.lv
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