Varandey terminal posts 2012 net profit of RUB 1.8 bln (-23.2%, y-o-y)

In 2012, net profit of  Varandey terminal calculated under Russian Accounting Standards fell by 23.2%, year-on-year, to RUB 1,798,569,000. According to the company’s materials the revenue fell by 18% to RUB 8,538,057,000.

The Varandey Oil Export Terminal (Barents Sea, Nenets Autonomous District) was put into operation by LUKOIL in 2008. In 2008 oil shipment from Varandey terminal totaled 1.7 mln t in 2008, 7.5 mln t in 2009 and 7.44 mln t in 2010.

The complex comprises the coastal crude storage with the capacity of 65,000 m³ of crude, underwater pipeline and an off-shore pump station. The terminal’s annual capacity is 12 mln t of crude. 20,000-tonne shuttle tankers deliver crude to the off-harbour storage terminal Belokamenka at the port of Murmansk for further export by larger tankers. In 2012, export of Russian crude via Varandey terminal dropped by 20% to 3.12 mln t.