OREANDA-NEWS. January 18, 2012. Last year transhipment volumes of petroleum products increased considerably for “Ventspils nafta terminals” (VNT) – subsidiary of “Ventspils nafta” Group. In 2011 the terminal transhipped 11.37 million tons of cargos, which is 26% more than in 2010 when 9 million tons of cargos were transhipped. The largest proportion of transhipped cargos is formed by diesel fuel – about 85%.

 “Year 2011 has been successful for the company – our transhipment volumes have increased and show a promising tendency of stable growth. Despite the global economic situation not being positive and the rather fluctuating demand for petroleum products, we have been able to ensure safe, efficient and successful operation of the terminal. In order to ensure continuity of all processes, the terminal works 24 hours a day, 7 days a week,” explains the General Director of VNT Lars Pantzlaff.

Pantzlaff also admits that it is difficult to predict what the fuel market development will be like in 2012 – it will be affected both by the economic situation globally and by political events. He explains: “Just now it was very evident that events in Iran caused an increase in oil price worldwide. In turn oil prices and the global economic situation, which affects demand for petroleum products, define the flow of petroleum products globally, inter alia also operation of our terminal. We work in a highly international business and we have to take into account that our operation is impacted by events beyond the borders of Latvia.”