OREANDA-NEWS. November 12, 2007. AB Mazeikiu Nafta (the Company), owning the only refinery in the Baltic countries, is already profitable. The unaudited net profit of Company for nine months of this year amounted to LTL 138,3 million (USD 56,8 million or EUR 40,1 million), reported the press-centre of AB Mazeikiu Nafta.

The Company managed to be profitable in spite of significant reduction of the refining volumes as a result the October 2006 fire. During the nine months of 2007, AB Mazeikiu Nafta processed 4,98 million tons of feedstock. During the same period of 2006, the refining volumes amounted to 6,77 million tons of feedstock.

The Company re-commissioned the refurbished vacuum distillation tower in the bitumen and sulfur production complex in February 2007 and the repaired visbreaking unit in March 2007 and partially recovered the refining capacities and increased the yields of light products.

The increased profitability of the refining operations had a significant positive effect on the Company‘s performance results. This enabled AB Mazeikiu Nafta to reduce the losses incurred in the 1st quarter 2007. The net profit for the 3rd quarter of 2007 amounted to USD 75 million (LTL 189 million or EUR 55 million). If compared to the second quarter of this year, the sales revenues in the 3rd quarter of 2007 increased from USD 958 million (LTL 2,453 million or EUR 711 million) to USD 1,113 million (LTL 2,799 million or EUR 811 million).

Marek Mroczkowski, General Director of AB Mazeikiu Nafta, comments the results of the nine months of 2007:

“I am not disappointed with the financial results for the 3rd quarter of this year. Positive financial result (estimated according to the historical assets value) was achieved mainly due to the first payment of the insurance companies (USD 70 million) and to increase of profitability of operations.”

The Company is completing the largest turnaround in its history and is performing the start-up activities.