Klaipedos Nafta’s third quarter ended with consistently growing results

Due to favorable macroeconomic conditions and newly-attracted customers, Klaipedos Nafta’s cargo handling within 9 months of this year grew by almost 23 percent, while net profit – 2,5 times.

Since the beginning of the year company's oil products handling in Klaipeda and Subačius terminals, compared with the same period last year, increasing from 3.8 million to 4.7 million tons or 22,9%. During 9 months company's sales revenue increased by almost 3,3 times and amounted to 78,9 million Eur, while net profit grew by 2,5 times and reached 13,1 million Eur.

"Looking into realistic oil product reload plans, which comply with the company's long-term goals – diversifying the portfolio of petroleum products and other activities, this year the company will reach record profit. Third quarter turnover growth was driven by both exports and transit cargo growth. The latter figure went up to the top, because the company was able to attract additional cargo from Belarusian factories – both light and heavy oil products. Transshipment of oil products generated sales revenue respectively, and resulted in a net profit growth,"- Mantas Bartuška, SC Klaipedos Nafta CEO.

According to M. Bartuška, it is very important to implement the investment plan in order to increase oil product handling capacity. In the third quarter the company has confirmed and carried out preparatory work for the oil terminal development by increasing the light oil products export and import opportunities. Investment is about 9.5 million Eur. Also, in order to become the liquefied natural gas (LNG) distribution center in Baltic region, company invests up to 27 million Eur into LNG distribution station project. These investments will encourage industry to use clean LNG fuel, which can replace diesel in transport and energy production to replace liquid petroleum gas (LPG).

During the period of 9 months Klaipedos Nafta’s LNG terminal received 4 gas carriers that brought totally 255.605 thousand tons of LNG, and the country's gas system was supplied by 4,089 million MWh of natural gas.
“In the first successful year of Klaipeda LNG terminal activity on the market we were able to demonstrate that the terminal is operating safely and reliably, and is open to third party access" – noted the head of the company.

Klaipeda LNG terminal can meet 100 percent of Lithuania’s, as well as 90 per cent of neighboring Latvia’s and Estonia’s natural gas demand.

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Klaipedos Nafta’s third quarter ended with consistently growing results

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