The profit of A/s Ventspils nafta in the first quarter exceeds the profit planned for the whole year

Consolidated profit of Ventspils nafta corporation after payment of taxes in
the first quarter of 2007 has reached 8.1 mln lats and it is for 3.1 mln lats
more than planned for the consolidated profit prognoses of AS Ventspils nafta
for the whole year of 2007. The net turn-over of A/s Ventspils nafta
corporation over January-March 2007 amounts to 24.1 mln lats. The financial
indices of A/s Ventspils nafta for the first three months of 2007 significantly
increase the results over analogous period of 2006 when the profit of the
corporation reached 3.3 mln lats, but the turn-over - 19.9 mln lats. 

The financial indices of A/s Ventspils nafta over January-March of 2007 were
mostly influenced by the factors related to development of transit industry
companies of the corporation. The oil and oil products transhipment terminal
SIA Ventspils nafta termināls has significantly increased its operation indices
owing to participation of international oil and gas company Vitol in the
terminal's basic capital in the amount of 49%, over the first three months of
this year the terminal transhipped in total 3.3 mln tons of oil and oil
products or for 1.6 mln tons more than in analogous period of 2006. The
increase in business results of SIA Ventspils nafta termināls was greatly
influenced by the fact that in January 2007 the company started receiving of
gas oil transported by oil products pipeline. At present oil and oil products
are delivered to the terminal by railway, sea and gas oil pipeline and the
transhipment amount increase tendencies in 2007 are seen already after the end
of the first quarter because in January-April SIA Ventspils nafta termināls
transhipped already for 2.3 mln tons of cargo more than in analogous period of
2006. 

But the operation of other transit industry company of the corporation of AS
Ventspils nafta - the owner and operator of oil and oil products pipeline on
the territory of Latvia - SIA LatRosTrans over the first three months of 2007
was continuously adversely effected by termination of oil transportation by
Russia since August of 2006 to oil refinery in Mazeiki and the Butinge terminal
in Lithuania. Settlement of this issue relates to political and economic
situation in the states bordering with Latvia - Lithuania and Russia and it by
no means depends on activities of SIA LatRosTrans. 
Foreign experts and analysts have different guesses in respect on the true
reasons of Russia's activities, unfortunately, they significantly influence
operational results of SIA LatRosTrans. At present there is no information when
and how the lasting interruption of oil transportation to Lithuania could
restart. 
All companies of a/s Ventspils nafta corporation have worked in the first
quarter of 2007 in compliance with the goals set in the interests of the
shareholders. 




A/s Ventspils nafta
For information -
Gundega Vārpa,
phone 7229793; 
e-mail: gundega.varpa@vnafta.lv