Baltic States – CIS, Energy, Latvia, Oil, Transport

In the first half of the year, LatRosTrans (LRT) transported 2.98 million tons or 10.5% less than last year, when the transported amount reached 3.33 million tons. Meanwhile, Ventspils nafta terminals (VNT) in the same period of time transshipped 5.9 million tons, which is an egith decrease.

The management of Ventspils nafta explain the reductions in the amounts with the fact that in the second quarter this year a decrease was observed in the volume of oil products transported via the LRT pipeline from Russia. This was partly offset by the products transported from Belarus. The decrease in the oil products transported by LRT affected performance results of VNT.

In the second quarter this year, LRT transported 1.2 million tons of oil products, meanwhile VNT transshipped 2.5 million tons.

In view of the geopolitical situation and uncertainties in the region, the management of companies of the Ventspils nafta Group are still cautious about the amounts of oil and oil products to be transshipped and transported this year.

“We continue to look for ways to cut costs and work more effectively. This allows us to provide quality services to our clients at a competitive price thus ensuring a stable flow of oil products to companies of the Group,” emphasizes Chairman of the Management Board of Ventspils nafta Robert Kirkup.

Ventspils nafta is one of the largest groups of companies in Latvia and it operates in the petroleum product transport, transshipment, storage and shipping sector. Ventspils nafta is Group’s parent company, which manages investments in its subsidiary companies.