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Last Year "Ventspils nafta terminals" Increased Transhipment of Oil Products by 10%

A subsidiary of the holding company “Ventspils nafta” – Ventspils nafta termināls transhipped 10.58 million tons of oil products in 2014, which is for 10% more than in 2013, evidenced by its message to Exchange Nasdaq Riga.

The volumes of oil transportation of the company`s group of Ventspils nafta LatRosTrans increased by 5% in 2014 - to 5.7 million tons.

As pointed out by the governing body of Ventspils nafta, the results of 2014 reflect the content of the business plan and justify prognoses: The volume of oil and oil products transported by subsidiaries increased slightly, which corresponds to the historical average growth. Also, the work related to the restructuring of a business group continued last year, assets not related to the main activity are implemented, including real estate, medical clinic and shares in the non-strategic enterprises. Thus, it was improved performance of enterprises and reduced costs.

Major cooperation agreements are renewed in 2015, but the group enterprises are not protected from geopolitical instability and potential strategic decisions of Russia with regard to redirection of the flow of exports of oil and oil products through its ports. In the worst-case scenario, transportation volumes could fall by 2.5-3 million tons in 2015, they think.