The full length article can be found in the BNN portal in English, Latvian and Russian.

Read an abstract here …

Meroni-led companies show good performance

August 7, 2012

Companies led by Rudolf Meroni show good performance in terms of turnover and profit, which he himself describes as very successful. To give an example, Ventbunkers profit is up despite dropping amount of cargoes.

Rudolf Meroni

Back in 2010, Ventbunkers’ turnover reached 41.1 million lats, compared to 36.1 million lats in 2009. Whereas, compared to 3.4 million lats made in 2009, the company’s profit hit 6.7 million lats in 2010.

Besides, last year Ventbunkers signed a contract with Mercurio for a record rate – 8.10 euro cents per ton. It should be added that back when Olafs Berkis was in charge of the company, the same tariffs reached mere 2.55 euro cents.

Similarly, also the company Baltijas Ekspresis’ net profit is up 38%, totalling 1,7 millions lats.

Also potassium salt transhipment company Kalija Parks shows good performance – its profit before provisions and tax reaches 925 000 lats.

Last year transit company AS Ventspils tirdzniecības osta’s turnover accounted for 26.64 million lats. It is an increase of 9.6% over 2010, when the company turned 24.31 million lats. Profit is up 57% from 353 171 lats in 2010 to 554 580 lats in 2011.

It should be noted though that last year was not that successful for Ventbunkers, because the Russian concern Lukoil’s subsidiary Litasco had blocked its terminal and railways. It is exactly for this reason why the company failed to meet expectations – 11 millions lats.

Such Litasco’s activities pushed Ventbunkers into a loss of 28.19 million lats, so in late 2011 Meroni-led Ventbunkers management prepared a claim against Litasco to compensate for damages. If the amount was recovered, the company’s profit performance would be impressive.

The full length article can be found in the BNN portal in English, Latvian and Russian.

LITASCO wants to prolong their contract with Ventbunkers – which expired end of December 2010. They try to force Ventbunkers by blocking their terminals.

The full article can be found in manaventspils.lv

Lukoil subsidiary Litasco, in dispute with Ventbunkers, begins a misleading propaganda campaign trying to influence even Latvian Ministers.
The CEO of Litasco, Sergey Chaplygin, arrived in Riga, Latvia at the beginning of the week – not to resolve problems with A/S Ventbunkers (VBU), but to wage a propaganda campaign and spread false information to journalists.

Litasco, in breach of contract, still refuses to lift 120,000 metric tons of their fuel oil from Ventbunkers terminal. With this act Litasco has paralyzed the fuel oil transit business through the port of Ventspils. The Litasco CEO Sergey Chaplygin arrived earlier this week with other Litasco managers. So far they have met with the Minister of Justice Aigars Stokenbergs.

The press release for full reading: Lukoil subsidiary Litasco, in dispute with Ventbunkers

This is really a strange situation for Ventbunkers. Litasco blocking the Ventbunkers terminal – for what reason?

Sounds like LITSCO is pushing themselves into the corner …

Ventbunkers / LUKOIL daughter Litasco negotiations without result. Will the Latvian government intervene?

Rudolf Meroni, chairman of A/S Ventbunkers Supervisory Board, informs that the negotiations between Ventbunkers and the Lukoil subsidiary Litasco did not lead to any result because of the totally unreasonable position of Litasco. Ventbunkers will call for the intervention of the Latvian Government.

On Friday evening a second meeting between the two teams of A/s Ventbunkers (VBU) headed by Dr. Rudolf Meroni, the Chairman of the Supervisory Board, and Litasco’s CEO, Sergei Chaplygin, took place in Zurich, Switzerland. Unfortunately, the meeting did not bring any results, because of the totally unreasonable position of Litasco. VBU had submitted a proposal to Litasco to lift its fuel oil and to effect the payment of a hidden amount of 20 million EUR.

You may want to read the full press release: Ventbunkers / LITASCO negotiations without result

This interesting press release sheds more light on the strange case between LITASCO (a LUKOIL daughter company) and AS Ventbunkers.

Ventbunkers hopes for better results in the negotiations with Litasco

A meeting in Zurich earlier this week, between Litasco and Ventbunkers (VBU), ended with no real results because Litasco decided to play some games. The VBU management hopes for better results at the next round of talks scheduled for today, January 28.

“At least we were able to sit down at one table with the CEO of Litasco, Mr. Chaplygin,” stated Rudolf Meroni, Chairman of the VBU Supervisory Board. ‘This in itself is an achievement, something the VBU management was waiting for. A problem of this magnitude should be resolved without delay. We need results and we need them now. Every day is costing hundred thousand USD or more, but Litasco prefers to play games.“

Read the full press release: Ventbunkers negotiating with LITASCO

You will find the full article about LITASCO at frut.lv

Rudolf Meroni (A/s Ventbunkers) and Sergei Chaplygin (Litasco SA)  return to the negotiation table

Dr. Rudolf Meroni the Chairman of the Supervisory Board of A/s Ventbunkers (VBU) informed that after weeks of a stalemate in the dispute  with the Lukoil subsidiary Litasco, the parties have agreed on negotiations to discuss the problems regarding oil fuel stored at the Ventbunkers terminal located in the port city of Ventspils, Latvia.

Read the full press release: Rudolf Meroni (Ventbunkers) and Sergei Chaplygin (Litasco)

Rudolf Meroni: Litasco is running out of time. Ventbunkers will store fuel oil offshore.

Litasco (a subsidiary of LUKOIL) is illegally blocking A/s Ventbunkers’ (VBU) terminal facilities in an attempt to illegally force VBU to sign a fuel oil transshipment agreement for 2011.

At the same time Litasco blocks the export of fuel oil by rail through Latvia causing millions of damages to the Latvian economy. According to Aivars Gobins, Ventbunkers Media Director, Litasco has only a few days left to lift their fuel oil from VBU terminal before the first vessel, chartered by VBU, arrives in Ventspils port later this week to store the fuel oil offshore on account of Litsaco. However, the Latvian customs authorities still have to approve this measure.

Read the full Press release as PDF file: Rudolf Meroni: Litasco is running out of time.

Business ethics Lukoil style: Litasco’s failure to lift fuel oil from Ventbunkers terminal creates havoc for the Latvian Railway.

RIGA, LATVIA, 17 JANUARY, 2011: Litasco’s (a subsidiary of LUKOIL) failure to accept delivery of over 120,000 metric tons of its fuel oil stored in Ventbunkers (VBU) reservoirs is causing severe problems for VBU and the Latvian Railway (LDZ).

Ventbunkers reservoirs are at full capacity and additional 1700-railcar tankers with over 100,000 thousand mt of Litasco product have entered the Latvian territory. With nowhere to discharge the fuel oil, the railcar tankers have been dispersed all over Latvian railway stations. An extraordinary meeting was called by LDZ on January 6, 2011 to implement urgent measures, at any cost, to ensure the rail system continues to operate. Border stations at Rezekne and Daugavpils are backed up and in a critical situation.

Read the full Press Release: LUKOIL daughter LITASCO: business ethics