Subsidiaries Of Belneftekhim And BOC In Latvia Lose 30% And 45% Of Turnover

Decrease in oil supplies to Belarus has caused this.

The companies TransBaltic Oil and Oil Logistic, representing the interests of the Belarusian oil refining and petrochemical industry in Latvia, seriously reduced their turnover last year, ej.by reports.

This was caused by the decrease in oil supplies to Belarus. Oil is used to produce oil products and chemical products for the Baltic market and for transit to other EU countries.

According to the financial reports, TransBaltic Oil, the subsidiary of the Belorussian oil company, finished 2016 with a turnover of 176 million euros, which is 44.7% less than in 2015. The company has been operating in Latvia since 2012, selling diesel, ship and other fuels. The net profit of TransBaltic Oil was 188.7 thousand euros.

The company Oil Logistic, which was founded by the Belarusian Oil Trading House, also lost in volumes. Its annual turnover was 16.9 million euros in 2016, which is 31.9% less than in 2015. Net profit of this trader, which sells fertilizers, salt, oil products, petrochemicals, amounted to approximately 380 thousand euros.