Cargo turnover of Klaipedos nafta continues to decline

Klaipedos naftaThe cargo turnover of Klaipedos nafta, which is the Klaipeda port company for transshipment and storage of oil products, continues to decline, according to the stevedore data presented for the Nasdaq Baltic stock exchange report. The reduction was caused by interruptions in the supply of petroleum products from Belarusian refineries, which began in the summer of 2016. Thus, in January-April 2017 Klaipedos nafta reloaded 30% less dark and light products than in the corresponding period of 2016 to 1.988 million tonnes. The decrease in transshipment of Belarusian oil products through the terminal was recorded in the summer of 2016. Then Russia reduced oil supplies to Belarus by one third, and last fall by another 15%.

According to the Lithuanian media, in the first quarter of this year, cargo flows from Belarus sank by 68%.

Russia and Belarus agreed on mutually beneficial terms in April 2017. This was immediately reflected by the inhibition of negative dynamics. In April, through the capacity of Klaipedos Nafta, 435 thousand tons of various petroleum products (-16%) were exported.

The company’s turnover for January-April 2017 amounted to 10.9 million euros (-29% against the level of January-April 2016), in April – 2.2 million euros (-31.3%). In total in 2016, 7.3 million tons of oil products were handled through the terminal, which is 13.6% more than a year ago, when processed 6.5 million tons. The majority stake of 72.32% of Kaipedos nafta belongs to the state, while another 10.24% belong to Achemos Group and 17.44% to private individuals.