Energy, Good for Business, Latvia, Oil, Transport

Management of the companies of the JSC Ventspils nafta Group points out that the results of 2014 reflect what was foreseen in the business plan. Group wide, volumes increased. Although the primary commercial agreements have been extended, the businesses remain vulnerable to geopolitical instability and potential strategic decisions by Russia regarding the export path of energy products. Management of the Group’s companies points out that in the worst case scenario the transported volumes in 2015 could decrease by 2.5 to 3 million tons.

Commenting on the update, Robert Kirkup, the Chairman of the Management Board, said: “In this challenging market environment we are focusing on ensuring we deliver energy products safely, on time and as efficiently as possible.”

Full year condensed financial report will be published on February 27.

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