Ventspils Nafta Termināls

Ventspils nafta termināls Ltd has held a meeting of shareholders and decided to pay out LVL 1.3 million in dividends to its owners.  This sum represents LVL 1.12 million in profits in 2008, as well as undistributed profits from previous years. Ventspils nafta termināls Ltd is a subsidiary of the public joint-stock company Ventspils nafta and is engaged in the transshipment of crude oil and petroleum products. The subsidiary was established in 2003, and this is the first time that it is paying dividends to its owners. JSC Ventspils nafta holds 51% of capital shares in Ventspils nafta termināls Ltd, and it will receive nearly LVL 700,000 in dividends.

In 2008, Ventspils nafta termināls Ltd ensured a stable level of product transshipment - a total of 11.6 million tonnes of crude oil and petroleum products. This occurred despite the very evident global economic events which occurred - events which had an effect on the company's international competitiveness. Ventspils nafta termināls Ltd continued active modernisation, implementing ecological improvements and optimising the use of all types of resources so as to adapt to the new economic circumstances and to strengthen the company's position in the international market.  The Latvian Association of Free Labour Unions presented the company with an award in its Co-operation Partner 2008 competition for successful social dialogue and good social partnership in terms of the company's collective bargaining agreement with its employees.

Modernisation at the terminal began when a new strategic partner - the international oil and gas company Vitol - became involved in the summer of 2007.  Additional security during complex economic times is ensured by the fact that Ventspils nafta termināls Ltd agreement with its foreign investor guarantees regular income under any circumstances.  The aim of modernisation is to strengthen Ventspils nafta termināls Ltd as the largest crude oil and petroleum product transshipment complex in the Baltic region, developing its operations on the basis of the same principles which Vitol uses in other companies that are parts of its Group. These include EuroTank in Rotterdam and Amsterdam, for instance.  According to Ventspils nafta termināls Ltd growth plans, its development will make a substantial investment in promoting the competitiveness not only of the company itself, but also of the entire Ventspils port.

The biggest Ventspils nafta termināls Ltd investment in protecting the local environment in 2008 involved the installation of new and modern purification systems that are unique in the Baltic region. This equipment can be flexibly adapted to the purification of any type of oil product, and this is part of the operating trends at Ventspils nafta termināls Ltd.  There is increasing diversity in the types of oil products which the company is asked to transship - more than 20 types in all at this time.  The company invested around LVL 1 million in the new equipment.

Ventspils nafta termināls Ltd is a subsidiary of JSC Ventspils nafta. 51% of capital belongs to JSC Ventspils nafta, and 49% belong to Euromin Holdings Limited, which is part of the Vitol Group. The terminal provides transit services, accepting oil and diesel fuel via pipeline, as well as diesel fuel, petrol and other petroleum products by rail and by sea. The terminal also provides for the storage and transshipment of those products.