Tuesday, 17 September 2019 | 05:37
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AB Klaipėdos Nafta preliminary activity and revenue results for the February 2019

Saturday, 09 March 2019 | 00:00

In February 2019 AB Klaipėdos nafta (hereinafter – the Company or KN) has reloaded 454 thousand tons of petroleum products in Klaipėda and Subačius oil terminals. In 2018 reloaded 664 thousand tons (less by 31.6 per cent).

During the first two months of 2019 the Company in total reloaded 1,080 thousand tons of petroleum products into its storage tanks or less by 24.9 per cent compared to the same period of 2018 when 1,439 thousand tons were reloaded. The overall decrease in loading volumes for the two months mainly were affected by the lower quantities from ORLEN Lietuva refinery and by the lower transshipment quantities of heavy oil products transit.

The preliminary sales revenue of the Company's oil terminals for February 2019 reached EUR 2.5 million. The preliminary sales revenue for January – February 2019 of the Company's oil terminals comprise EUR 5.6 million (during the same period of 2018 – EUR 7.8 million).

„Decrease in loading was determined by the incidents in oil refineries that our customers managed to resolve promptly. However, in the current period, less production was produced, and for us it resulted in a decrease of reloading of 300 thousand tons of oil products during the last two months. Some of it will not have a negative financial impact, because we have a binding contract with the customer. We are going to compensate for another part of the decreased volumes by providing additional services through the infrastructure developed in the second investment stage, which we aim to use already at the beginning of summer,” says Mindaugas Jusius, CEO of KN.

Image: AB “Klaipėdos nafta”

In February 2019 the Company's Liquefied Natural Gas (LNG) terminals have re-gasified and reloaded 173 thousand MWh of natural gas, comparing to the same period of 2018 (328 thousand MWh) it is less by 47.3 per cent. In the second part of February LNG regasification has been temporary stopped for the maintenance of LNG terminal. It is planned to start re-gasification in the end of March. During the first two months of 2019 the Company in total re-gasified and reloaded 644 thousand MWh of the natural gas (during the same period of 2018 – 591 thousand MWh).

The preliminary sales revenue of the Company's LNG Terminal for February 2019 comprised EUR 5.6 million (during the same period of 2018 – EUR 5.2 million). Revenue consists of the one twelfth of the re-gasification tariff for booked annual capacities approved by the National Control Commission for Energy Control and Prices for 2019 and the re-gasification tariff for amount of re-gasified LNG. The preliminary revenue of the LNG terminal for the first two months of 2019 comprise EUR 12.6 million and are higher by 5.9 per cent compared to the same period of 2018 (EUR 11.9 million).

Gas consumption capacities for 2018 year were recalculated, subsequently the LNG funds administrator has recalculated and adjusted the re-gasification tariff fixed part for January 2019 in total EUR 6.5 million. Therefore, in January sales revenue of LNG terminals was EUR 7.0 million and it is higher by EUR 1.4 million comparing to the amount indicated in the announcement regarding the preliminary activity and revenue results for January 2019 released by the Company on 7 February 2019 where revenue of LNG terminals indicated as EUR 5.6 million.

Total preliminary sales revenue of the Company in January – February of 2019 amount to EUR 18.2 million, or less by 7.6 per cent compared to the same period of 2018 – EUR 19.7 million.

Petroleum products transshipment and LNG re-gasification and reloading:

FebruaryJanuary – February
20192018Change, %20192018Change, %
Petroleum products reloaded, thousand tons454664-31.6%1,0801,439-24.9%
LNG re-gasification and reloading, thousand MWh173328-47.3%644591-9.0%

Petroleum products transshipment, LNG re-gasification and reloading volumes in 2019:

JanuaryFebruary
Petroleum products reloaded, thousand tons626454
LNG re-gasification and reloading, thousand MWh471173

Preliminary revenue of the Company, EUR million:

FebruaryJanuary – February
20192018Change, %20192018Change, %
Oil terminals' activity2.53.5-28.6%5.67.8-28.2%
LNG terminal activity5.65.27.7%12.611.95.9%
Total:8.18.76.9%18.219.77.6%

Source: Klaipedos Nafta

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