Cargo, Good for Business, Latvia, Markets and Companies, Mergers and take-overs, Oil, Transport

Creditors have one month to file their claims.

The decisions on the two companies’ reorganization were taken on September 7, 2018.

LASCO Investment, a property lease company, will also be merged with Ventspils Nafta. Until May 2018, LASCO Investment belonged to Latvijas Kugnieciba, but now its sole owner is Ventspils Nafta.

Latvijas Kugnieciba closed 2017 with 82.39 mln euros in turnover, down 9.1% from 2016, while its profit was 11.273 mln euros in contrast to a loss in 2016. Latvijas Kugnieciba provides shipping services in all seas and oceans of the world, trains and recruits crews, as well as provides technical ship management to its own and ships owned by other companies.

Ventspils Nafta turned over 10.028 mln euros in 2017, which was a 4.5% from 2016, and made 15.615 mln euros profit in contrast to a loss incurred in 2016.