Energy, Good for Business, Investments, Latvia, Oil, Transport

VNT is putting continued effort into reaching an agreement with the state and municipal authorities regarding the installation of the permanent vapor recovery unit, and in parallel is attempting, for the second year in a row, to receive permits for the installation and operation of a mobile temporary vapor recovery unity (containerized) in the port area in order to bridge the period until the permanent system is operational. These invested efforts acknowledge VNT's commitment towards environmental protection, benefiting the entire local community, and also creating sustainable conditions for environmental-friendly business development.

In November 2015, VNT informed the Ventspils City Council of its commitment to install and operate a permanent vapor recovery unit and highlighted all necessary details as to capacity, technology, performance, and planned start of the operation. VNT will procure a system from an internationally recognized manufacturer, utilize a technology that is widely proven across the industry and continents, and will invest EUR 5 million as part of this project.

Even though the company has been prepared to complete this project for years, obtaining a necessary agreement on the use of land in the Ventspils Freeport territory in order to place such a system was a difficult obstacle to overcome. The lease of the land plot was a pre-condition before VNT could finally execute this project. While the Ventspils Freeport, being the landowner, was a rather passive participant in this process of resolving the land issue over the years, VNT has, at its own initiative, now reached an agreement on this matter with Ventbunkers stevedore.

VNT Managing Director Lars Pantzlaff acknowledged: "We at VNT fully believe that environmental protection is not just a phrase, but an integral part of operating a responsible and sustainable business. VNT is continuously and significantly investing into this area. Building and operating a vapor recovery unit as part of its operations will supplement the number of VNT initiatives focused on environmental protection. VNT looks forward to the needed support from the state and local authorities, as well as the residents of Ventspils to finalize the project."

While the installation of the temporary vapor recovery unit has failed in discussion with local authorities in 2015, VNT is continuing its efforts this year again to install the temporary vapor recovery unit and to commission the permanent unit in 2017. The implementation of the initiatives will pay tribute to VNT's commitment towards environmental protection and development of environmental-friendly business, while the main beneficiaries will be the residents and visitors of the city of Ventspils.

VNT provides transit services – receipt, storage and handling of crude oil and petroleum products that come by pipelines, rail tank cars and tankers. VNT is a technologically advanced terminal and the largest crude oil and petroleum products transshipment company in the Baltic states with a total tank capacity of 1.2 million cubic meters.

51% of VNT is owned by Ventspils Nafta holding.