Energy, Latvia, Oil, Transport

In turn, the petroleum product transportation volumes of LatRosTran Ltd in this period increased by 3% to 1.8 million tons, compared to the first quarter of 2014 when the company transported 1.76 million tons of petroleum products.

Commenting on the results of the first quarter of 2015, the management of Ventspils nafta Group points out that they reflect what is comprised by the business plan and justify the made predictions. Also, taking into consideration the geopolitical tensions and uncertainties in the region, the management of the Group’s subsidiary companies is still cautious as to crude oil and petroleum product transhipment and transportation volumes to be reached this year.

“We continue seeking possibilities of reducing costs and being able to compete in the current geopolitical situation even more successfully. That way, by being able to offer services of higher class to our clients for the most advantageous price, we can continue attracting the current transportation and transhipment volumes,” emphasizes Robert Kirkup, the chairman of the management board of Ventspils nafta.

As reported, Ventspils nafta is one of the largest groups of companies in Latvia and works in the petroleum product transport, transhipment and storage, as well as shipping sector. Ventspils nafta is the Group’s parent company, which manages investments in subsidiary companies, by promoting the Group’s joint values and growth in value of each individual company.

Ventspils nafta owns 51% in Ventspils nafta terminals, which is the largest crude oil and petroleum product terminal in the Baltics; 66% in LatRosTrans, which is the largest Latvian-Russian joint venture in the Baltics; 49.94% in joint-stock Latvijas kugnieciba, which is among the leading ship owners in the world in the medium-sized and handy tankers category.