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Vitol increases its share in Ventspils Nafta to 47.89%, consolidates the base for its long-term plans

Leading up to the Shareholder meeting of As Ventspils Nafta, Euromin Holdings Cyprus SA (A Vitol Group Company) has increased its share in the capital of the company from 43.06% to 47.89% representing a further 4.83% of share capital. The acquisition marks a further step in Vitol commitment to develop the Ventspils Nafta transit business in long-term.

“Vitol is strongly resolved to develop the Ventspils Nafta business. We are one of the leading global oil and gas trading companies, with a strong presence in Russia and the Baltic region, and our objective is primarily to develop the business operations of Ventspils Nafta’s existing assets and thereby increase shareholder value. Vitol is in Ventspils for the long term and I am sure that we will be able to continue to successfully grow the transit business with a wide variety of partners, including Russian oil companies. Our involvement in the terminal business has received a positive reaction across the international industry, including within Russia. We have worked with Russian oil and oil product companies for many years and expect that business to continue into the future. Since our involvement in the Ventspils Nafta Terminal commenced earlier this year, throughput volumes at the Ventspils Terminal have reached recent record levels, with March figures being almost double those for the equivalent period in 2006.” says Dennis Crema, commercial representative of the Vitol Group and a member of the Supervisory Council of Ventspils Nafta.

Vitol remains open to constructive discussions with all shareholders of Ventspils Nafta as well as any other serious investors, with the aim of increasing profitability of the company. Vitol also welcomes the assurances given by the Prime Minister of Latvia at their recent meeting with him in Riga, which form the context of its increased participation in Ventspils Nafta . Vitol expects and believes it will receive the same level of protection for its investment in Latvia that it would receive in any other EU member state.  Vitol looks forward to the forthcoming shareholders meeting, scheduled to take place in Ventspils on 27th April.

For enquiries please contact: Linda Lisicina, Hill and Knowlton Latvia , E-mail: Linda@hillandknowlton.lv

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