Latvian Deputy PM on selling Ventspils Nafta

Latvian Deputy Prime Minister Ainars Slesers believes that the state's stake in Ventspils Nafta should be sold soon to resolve the oil export crisis, which has emerged due to the decreased Russian oil exports through Latvia. He told journalists that under conditions when Russian oil companies had not exported oil and oil products through the Ventspils port for a long time already, the government had to search for ways out of the crisis, including to complete the process of privatizing Ventspils Nafta.

Slesers does not rule out that Russian companies will bid for Ventspils Nafta. However, he stressed that the purchase of Ventspils Nafta by Russian investors was not a necessary provision for resolving the crisis. The most expedient variant is cooperation of western and eastern investors, he said mentioning Latvijas Gaze as an example, which is owned by Gazprom, Ruhrgas and E.ON Energie.

The press service of the Latvian Cabinet of Ministers told RBC that the Latvian Economy Ministry was working out a plan for completing the process of privatizing large industrial facilities.

At present, the state has a 43.6 percent stake in Ventspils Nafta.

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