FIRST SIX MONTHS OF KN OPERATIONS – PRODUCTIVE

Preliminary figures show that over the first half of this year, oil and liquefied natural gas (LNG) terminals operator KN (AB Klaipėdos Nafta) received EUR 52.4 million in revenue, loading 3.262 million tonnes of oil products and supplying 4.869 million MWh of gas. Oil product and LNG throughput has consistently increased in Q2 from the beginning of the year.

“The results for the first half of 2017 are incentive for us to continue coherent pursuit of the strategic goals that we have set – increasing the value of the company and striving for even more efficient operational growth by improving internal processes and promoting the implementation of investment projects. Experience has shown that when we have a clear strategy and implement it consistently, it is possible to achieve a sustainable result and create more added value for our partners and shareholder – the State of Lithuania,” says KN CEO Mindaugas Jusius.

According to Mr Jusius, the first half of this year also had its challenges, although in the general sense, it was productive. Due to the uncertainty surrounding the global oil product market and the impact of political decisions on the flow of transit cargo, the company was forced to constantly look for alternative portfolio assurance elements. A concerted effort was made to maximize oil handling capacity, and with Belarusian refineries gradually returning to normal oil production levels after Russia and Belarus agreed on the renewal of crude oil supply in early April, load volumes grew at KN as well.

From January through June, a total of 3.262 million tonnes of oil products were loaded at the Klaipėda and Subačius oil terminals, and the LNG terminal supplied the market with 4.869 million MWh of gas.

KN received EUR 52.4 million in revenue over the first six months of this year, which is 8.8 per cent less than last year.