AB Klaipėdos Nafta preliminary activity and revenue results for the August 2019
In August 2019 AB Klaipėdos nafta (hereinafter – the Company or KN) has reloaded 450 thousand tons of petroleum products in Klaipėda and Subačius oil terminals. During the first eight months of 2019 the Company in total reloaded 3,951 thousand tons of petroleum products into its storage tanks.
The preliminary sales revenue of the Company’s oil terminals for August 2019 reached EUR 3.0 million. The preliminary sales revenue for January – August 2019 of the Company’s oil terminals comprise EUR 21.5 million.
In August 2019 the Company’s Liquefied Natural Gas (LNG) terminals have re-gasified and reloaded 1,523 thousand MWh of natural gas. During the first eight months of 2019 the Company in total re-gasified and reloaded 10.198 thousand MWh of the natural gas. Compared to the first eight months of 2018, during the same period in 2019 handling increased by 69.9 per cent, or by 4,197 thousand MWh.
The preliminary sales revenue of the Company’s LNG terminals for August 2019 comprised EUR 5.8 (during the same month of 2018 – EUR 5.2 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 August 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 eight months of 2019 comprise EUR 47.3 million and are higher by 9,7 per cent compared to the same period of 2018 (EUR 43.1 million).
Total preliminary sales revenue of the Company in January - August of 2019 amount to EUR 68.8 million, or higher by 0.7 per cent compared to the same period of 2018 - EUR 68.3 million.
Comment by the Company management:
In August, oil terminal reloading volumes of petroleum products at KN oil terminals were influenced by scheduled repair works at one of our major customer’s oil refinery in Belarus. Despite the fact, that loading volumes of petroleum products are lower than at the comparable time last year, our continuous focus on efficiency and expanding range of services have resulted in by 25 percent higher revenue at our oil terminals. 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 LNG markets. New Klaipeda LNG terminal user “Eesti Energia” found business opportunity and entered into the contract in August. The growing number of Klaipeda LNG Terminal users demonstrates confidence of business in the value chain created by KN, brings more competition and allows to supply gas at a more competitive price.
Petroleum products transshipment and LNG re-gasification and reloading:
|August||January – August|
|2019||2018||Change, %||2019||2018||Change, %|
|Petroleum products reloaded, thousand tons||450||487||-7.6%||3,951||4,596||-14.0%|
|LNG re-gasification and reloading, thousand MWh||1,523||644||136.5%||10,198||6,001||69.9%|
Petroleum products transshipment, LNG re-gasification and reloading volumes in 2019:
|Petroleum products reloaded, thousand tons||626||454||461||433||446||506||575||450|
|LNG re-gasification and reloading, thousand MWh||471||173||96||1,475||1,774||2,430||2,256||1,523|
Preliminary revenue of the Company, EUR million:
|August||January – August|
|201 9||201 8||Change, %||201 9||201 8||Change, %|
|Oil terminals activity||3.0||2.4||25.0%||21.5||25.2||-14.7%|
|LNG terminals activity||5.8||5.2||11.5%||47.3||43.1||9.7%|
Jonas Lenkšas, Chief Financial Officer, +370 694 80594
One Liberty Plaza - 165 Broadway
NY 10006 New York
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