Explaining market trends and noting the main reasons that affected the operating results, management of companies of the JSC Ventspils nafta Group points out that the first quarter’s results reflect what is comprised by the business plan and justify the made forecasts.
“Competition in the terminal business continues growing and is very high at the moment – the region’s terminals are working on increasing the petroleum product flow by attracting additional volumes. Due to the tension in Ukraine it is difficult to make any predictions about basic activity results throughout the year – the political situation is still tense and we are carefully keeping track of development of events,” says the Managing Director of Ventspils nafta termināls Ltd Lars Pantzlaff.
About JSC Ventspils nafta
JSC Ventspils nafta is one of the largest groups of companies in Latvia and works in the petroleum product transport, transhipment, storage and shipping sector. JSC Ventspils nafta is the Group’s parent company, which manages investments in subsidiary companies, by promoting the Group’s joint values and growth in value of each individual company.
Joint stock company Ventspils nafta owns 51% in Ventspils nafta termināls Ltd, which is the largest crude oil and petroleum product terminal in the Baltics; 66% in LatRosTrans Ltd, which is the largest Latvian-Russian joint venture in the Baltics; 49.94% in JSC Latvijas kuģniecība, which is among the largest ship owners in the world in the medium-sized and handy tankers category.
Shares of JSC Ventspils nafta (NASDAQ OMX RIGA: VNF1R) are quoted in the Baltic Official List of the stock exchange NASDAQ OMX Riga since October 20, 1998.
Further information:
Elīna Dobulāne, Communications Consultant
JSC Ventspils nafta
Tel.: +371-25959447
E-mail: elina.dobulane@vnafta.lv