OREANDA-NEWS. March 04, 2008. MAZEIKIAI. AB Mazeikiu Nafta’s un-audited consolidated net profit for the year 2007 is LTL 99,4 million (USD 40,5 million or EUR 28,8 million), reported the press-centre of Mazeikiu Nafta.

The revenues of AB Mazeikiu Nafta Group reached LTL 8,8 billion (USD 3,5 billion or EUR 2,6 billion) in 2007. The Company refined 5,816 million tons of crude and other feedstock in 2007, while a year before it refined 8,340 million tons.

Having re-commissioned the small Vacuum Distillation Tower of the Bitumen and Sulfur Plant in February 2007, Mazeikiu Nafta restored part of its throughput capacities and increased yields of light petroleum products. In addition, the payments received from the insurance companies (LTL 253 million or USD 110 million) in compensation of the losses caused by the fire in the Vacuum Distillation Unit had a significant effect on the positive result for the year 2007.

In pursue of the modernization of the production assets and ensuring their reliable and safe operation, the Company performed the turnaround of the Refinery. More than 4,000 employees of the Lithuanian and foreign contracting organizations were mobilized for that effort.

In 2007, the total investment value amounted to LTL 945,1 million (USD 374,6 million or approximately EUR 273,7 million), which is almost four times bigger than in 2006 (LTL 214,5 million) and almost ten times bigger than in 2005 (LTL 103,8 million).

In 2007, the Company’s two largest investments were made into construction the Gasoline Desulphurization Unit and rebuild of the Vacuum Distillation Unit.

In August 2007, the Company commissioned the Gasoline Desulphurization Unit, allowing the Company to produce and supply the Lithuanian market only sulfur-free gasoline, was commissioned in August 2007. At the end of 2007, the Company completed rebuild of the Vacuum Distillation Unit. With start-up of the Tower on January 20, 2007, the Company restored its previous throughput capacities.

“Accelerated maintenance of the production assets and implementation of the modernization projects are our last year’s achievements. They laid a good foundation for the further development of the Refinery,” – told Marek Mroczkowski, General Director of AB Mazeikiu Nafta.