AB Klaipėdos Nafta (KN) expands Lithuanian terminal

AB Klaipėdos Nafta (KN) expands Lithuanian terminal

The Klaipėda oil terminal is set to expand its light oil products’ storage tank park and build new storage tanks to increase the competitiveness of the Lithuanian terminal.

Two agreements are the first building works contracts of the €35.9m second stage investments in the expansion of the terminal.

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The agreement signed with SIA SKH will see the construction of six refined oil storage tanks, each with a capacity of 20, 000 m3. The construction is estimated at nearly €13.8m.

Under the agreement signed with AB Montuotojas and UAB Hidrostatyba, two 10, 000 m3 tanks and four 5,000 m3 reservoirs will be constructed at a cost of almost €9m.

KN CEO, Mindaugas Jusius said the main objective set by the company with respect to the oil terminal is to increase return on capital by boosting the load and storage volumes of oil products.

He said: “KN consistently pursues its strategic goal aimed at increasing the company’s value. When the planned investments are carried out, the Klaipėda oil terminal will gain an extra competitive edge. This is highly important in maintaining and attracting new volumes of oil products to Klaipėda.

“Competition in the oil product market is becoming more intense. So, to maintain our competitive position we need to offer customers a wider range of services and ensure their high quality. We are already faced with the need to offer more flexibility which would enable us to load different types of oil products and store larger quantities of loaded oil products.”

For more information visit www.kn.lt

19th June 2017

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