Pēd. atjaunots: 21.07.2024 13:06 (GMT+3)

JSC "Ventspils Nafta" coments on BNS news

22.04.2004, Ventspils nafta, RIG

1. There are no decisions made by any structure within the Management
of Ventspils Nafta to sell the former Hotel Rīgas Līcis Spa & Resort.
However, considering that supply and demand position on the property
market in Jūrmala changes rapidly as it shows a steady increase in
prices, the former Hotel Spa & Resort, including its buildings and land
has been surveyed again to find out the possibilities of its most
expedient use. There are a few alternatives under consideration, e.g.
whether to sell some plots of land or refurbish the Hotel by keeping in
part its former business profile and establishing there both the hotel
and individual apartments. Some amendments in the earlier accepted plan
for commercial activities, as well as the necessity of finding the most
efficient way for the use of the property above are connected with the
boost of prices that is especially obvious for properties in Jūrmala as
according to the market conditions also the former Hotel Rīgas Līcis
Spa & Resort owned by Ventspils Nafta is situated in particularly such
a profitable area.
2. As far as is known, Ms. Olga Pētersone, the President of Ventspils
Nafta , JSC in her earlier interviews did not mention any possibility
of selling particularly the shares of Latvian Shipping , JSC, however,
she made an allowance, when speaking of a business perspective, for a
fully motivated possibility that in general in case of respective
market conditions these shares may have been sold, just like they may
have not been sold. One should remember that meanwhile the situation in
the area of the previous core business of Ventspils Nafta Holding - the
transhipment of crude oil and petroleum products - is significantly
changing. It is connected with Russia's administrative and monopolistic
decisions to cut off oil exports by pipeline to Ventspils.
In order to secure for further activities of the transhipment terminal,
as well as to use the market situation up to its maximum, it is planned
to put into operation some significant investment projects that have
been already started within the framework of an investment programme,
e.g. to complete the construction of unloading facility to be used for
unloading of crude oil and petroleum products from railcars. Certainly,
the implementation of this project requires significant investment of
financial resources. Taking into account all the circumstances above,
as well as the fact that Ventspils Nafta Holding, following the
recommendations of international auditors, has been already for many
years involved in risk diversification and, as a result, acquired some
stocks and capital shares of the companies in industries other than oil
transit business, there is now a possibility that after a careful
consideration and in a respective market situation some of these stocks
and shares may be sold.
The direct assignment of the new management of Ventspils Nafta , JSC in
addition to their providing improvement in Holding's management system
is to evaluate how expedient is the whole investment portfolio of
Ventspils Nafta , JSC by reporting their opinion and suggestions about
the optimum development of investments in the future. The evaluation
process has not been finished yet and therefore, no particular
decisions have been made in this respect.

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