Latvia, Markets and Companies, Oil, Transport

Oil product handling by Ventspils Nafta Terminals last year was also below the target which was 8 mln tons.

"The volumes transshipped in 2016 were affected by a decline of Russian originated flows and company operations were overshadowed by uncertainty experienced in the business environment in Latvia. However, despite challenging conditions and lack of confidence in Latvia as an attractive location for investments, the company was able to maintain its position," said Lars Pantzlaff, Managing Director of Ventspils Nafta Terminals.

In 2016 the company started projects important for its future development, including modernization of main pipelines, which will increase safety and efficiency of its services.

In 2015, Ventspils Nafta Terminals reloaded 9.2 mln tons. The company's turnover increased 3.6% to EUR 79.611 mln and its profit grew 15% from 2014 to EUR 14.012 mln in 2015.

Ventspils Nafta Terminals provides transit services - handling and storage of crude oil and petroleum products delivered via pipelines, rail tank-cars and tankers. Latvia's Ventspils Nafta holding company is the largest shareholder in VNT with 51% of shares, while a 49% stake in VNT belongs to Eurotank Holding Sarl, a subsidiary of the international terminal company VTTI, which is partly owned by Vitol group, the owner of Ventspils Nafta.