LatRosTrans
This company is part of Ventspils nafta group This company is part of Ventspils nafta group
 
 

LRT Considers a Possibility of Functional Conversion of the Polotsk–Ventspils Crude Oil Pipeline

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LRT Considers a Possibility of Functional Conversion of the Polotsk–Ventspils Crude Oil Pipeline

november 28, 2012 / News

In October 2012, LLC LatRosTrans (LRT) carried out activities for the displacement of 43 thousand tons of crude oil from the Polotsk – Ventspils pipeline owned by the enterprise. The pipeline section from Dzukste station to Ventspils was emptied. This pipeline section contained approximately 43 thousand tons of crude oil which was sold for about 18 million LVL.

LRT management considers a possibility of using the Polotsk – Ventspils crude oil pipeline for transportation of gas.

In this connection, LRT is starting preparatory works for functional conversion of the Polotsk – Ventspils crude oil pipeline to a gas pipeline. In spring of 2013, within the framework of the planned pilot project an 8.2 km long section of the pipeline will be inspected and prepared for certification for its further use as a gas pipeline.

LRT CEO Igors Stepanovs notes: “This pilot project is very important for us, as, taking into account the geopolitical and economic situation, we are fully aware that this pipeline will never be used again for transporting crude oil. Therefore, we need to find a new application for the company’s crude oil transportation infrastructure, technology and professional knowledge of the employees.”

 

Information about LatRosTrans

LLC LatRosTrans owns two crude oil pipelines in the territory of the Republic of Latvia – Polotsk-Mazeikiai and Polotsk-Ventspils, which have not been used in recent years for the transit pumping of crude oil. In turn, the Polotsk – Ventspils oil product pipeline belonging to LLC LatRosTrans is actively used at present for transportation of diesel fuel.

LLC LatRosTrans is the biggest Latvian-Russian joint venture in the Baltic states. The Russian partner – OJSC AK Transnefteprodukt (daughter company of JSC АК Transneft) – owns 34% of the company’s shares, while 66% of the shares belong to the joint-stock company Ventspils nafta (NASDAQ OMX RIGA: VNF1R).