AB Klaipėdos Nafta preliminary activity and revenue results for the July 2019
In July 2019 AB Klaipėdos nafta (hereinafter – the Company or KN) has reloaded 575 thousand tons of petroleum products in Klaipėda and Subačius oil terminals. During the first seven months of 2019 the Company in total reloaded 3,501 thousand tons of petroleum products into its storage tanks.
The preliminary sales revenue of the Company’s oil terminals for July 2019 reached EUR 2.7 million. The preliminary sales revenue for January – July 2019 of the Company’s oil terminals comprise EUR 18.3 million.
In July 2019 the Company’s Liquefied Natural Gas (LNG) terminals have re-gasified and reloaded 2,256 thousand MWh of natural gas. During the first seven months of 2019 the Company in total re-gasified and reloaded 8,675 thousand MWh of the natural gas. Compared to the first seven months of 2018, during the same period in 2019 handling increased by 61.9 per cent, or by 5,357 thousand MWh.
The preliminary sales revenue of the Company’s LNG terminals for July 2019 comprised EUR 5.9 (during the same month of 2018 – EUR 5.3 million). LNG terminal’s revenue consists of the re-gasification tariff fixed part (for booked annual capacities) and variable part for amount of re-gasified LNG, reloading revenues and additional income related to impact of currency exchange for lease liabilities. The LNG terminal revenue level (for booked annual capacities) does not depend on re-gasification volume. Revenue is confirmed by the National Energy Regulatory Council (NERC (NCECP before July 1st)) based on the approved methodology of State regulated prices in the natural gas sector and is calculated for the whole upcoming year. The preliminary revenue of the LNG terminals for the seven months of 2019 comprise EUR 41.5 million and are higher by 9,8 per cent compared to the same period of 2018 (EUR 37.8 million).
Total preliminary sales revenue of the Company in January - July of 2019 amount to EUR 59.9 million, or lower by 1.0 per cent compared to the same period of 2018 - EUR 60.5 million.
Comment by the Company management:
In July, as expected, customers are slowly returning to the planned activity volumes, but the impact of the incident of contaminated oil in Druzhba oil pipeline is still being felt by our main customers and it is visible in the overall result for January-July. Nonetheless, we managed to maintain higher petroleum products handling volumes at the KN Oil Terminals, compared to the result for July, 2018, it is also reflected in the revenue for July 2019. Our main goal for the second half year of 2019 is to efficiently employ our infrastructure, actively competing with other neighboring terminals for the transshipment volumes and provided services for the clients.
Klaipėda LNG terminal continues maintaining high activity volumes and the demand for Klaipėda LNG terminal capacity was further increased by the favourable situation in international markets.
Petroleum products transshipment and LNG re-gasification and reloading:
|July||January – July|
|2019||2018||Change, %||2019||2018||Change, %|
|Petroleum products reloaded, thousand tons||575||514||11.9%||3 501||4 109||-14.8%|
|LNG re-gasification and reloading, thousand MWh||2,256||838||169.1%||8,675||5,357||61.9%|
Petroleum products transshipment, LNG re-gasification and reloading volumes in 2019:
|Petroleum products reloaded, thousand tons||626||454||461||433||446||506||575|
|LNG re-gasification and reloading, thousand MWh||471||173||96||1,475||1,774||2,430||2,256|
Preliminary revenue of the Company, EUR million:
|July||January – July|
|201 9||201 8||Change, %||201 9||201 8||Change, %|
|Oil terminals activity||2.7||2.6||3.8%||18.4||22.7||-18.9%|
|LNG terminals activity||5.9||5.3||11.3%||41.5||37.8||9.8%|
Jonas Lenkšas, Chief Financial Officer, +370 694 80594
One Liberty Plaza - 165 Broadway
NY 10006 New York
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