Energy, Latvia, Oil, Transport

In September, the company reloaded 322,700 tons of oil products that is by 57,000 tons or 21.5% more than in September 2016.

"Reduction of the handing of oil products in the company can be explained with changes in cargo flows from Russia," the company’s representatives said.

VNT representatives believe that in the new market situation when cargo handling is declining, storing capacity at ports should be increased, and new innovative solutions should be introduced to promote sustainability of the transit business. These changes affect not only VNT, but the whole logistics chain – railway transportation and port terminals.

The company also informed that LatRosTrans oil pipeline operator, another subsidiary of Ventspils Nafta, in the first nine months of this year transported 2.8 million tons of oil products through its pipelines, which is about the same as a year ago. In the third quarter of this year, the company transported 553,000 tons of oil products, which is up 26% year-on-year.

As reported, turnover of Ventspils Nafta Terminals (VNT), a stevedore of Ventspils Nafta holding, dropped by 21% last year to EUR 62.855 million, while its profit declined 5.9% from a year before to EUR 13.191 million.

VNT, a part of Ventspils Nafta concern, provides transit services - receipt, storage and loading of crude oil and petroleum products via pipelines, rail tank-cars and tankers. VNT shareholders are Dutch-registered Martank B.V. (51%) and Eurotank Holding Sarl (49%).