On 27 November 2013 there were announcements in mass media that it was requested to present the agreement concluded by AB Klaipėdos Nafta (hereinafter, the Company) in 2012 with Litasco S.A., which is a company of Lukoil group, regarding transshipment of dark oil products (hereinafter, the Agreement) to the Committee on Economics of the Seimas of the Republic of Lithuania (hereinafter, the Committee on Economics) and the Committee on Economics was going to examine the Agreement.
The Company, in response to the announcements in mass media, hereby informs investors that the Agreement will be presented to the Committee on Economics soon.
The Company would like to note that the Agreement, which will be in effect till the second half of 2014, ensures transshipment of about 4 million tons of dark oil products for the Company throughout the entire effective term of the Agreement. The Agreement is useful for the Company as due to “transship or pay” terms provided for in the Agreement, the Company gets stable income in spite of objective decrease in flows of transshipment of dark oil products. In the opinion of the Company, the conclusion of the Agreement did not have an effect on transshipment of dark oil products in Klaipėda port and the decrease in total volumes of transshipment was caused by (i) reduced production of oil products in Belarus due to the repairs of Mozyr oil refinery and reduced oil supplies from Russia to Belarus, (ii) reduced production of oil products in AB Orlen Lietuva oil refinery due to the repairs and increase of sales of AB Orlen Lietuva in inland markets, (iii) the start of operation of Ust Luga terminal to which about 12 million tons of dark oil products produced in Russia are forwarded per year.
Mantas Bartuška, Director of the Finance and Administration Department, tel. 8 46 391763