Net profit of Varandey Terminal down 2.4 times to RUR 111 mln in 2008

In 2008, net profit of JSC Varandey Terminal fell 2.4 times to RUR 110.947 mln, the company reports. In 2007, the company’s net profit totaled RUR 268.617 mln.

The earnings of 2008 increased 2.8 times, year-on-year, to RUR 3.274 bln. Cost proce of sold goods and service increased to RUR 1.270 bln from RUR 468.65 mln in 2007.

The Varandey oil export terminal is designed for offshore export of the oil extracted by LUKOIL in Timan-Pechora oil and gas province. The terminal is located in the Barents Sea some 23 km off the coast. Oil cargo is pumped to tankers of up to 20,000 tonnes in capacity for further transshipment in Murmansk port via Belokamenka terminal (storage tanker owned by Rosneft). Annual capacity of Varandey is 12 million tonnes. The project comprises sea storage tank farm, sea ice-strengthened berth, two pipelines and other infrastructure. According to PortNews IAA oil shipment from Varandey terminal totaled 1.4 mln t in 2008. Throughput of Belokamenka terminal amounted to 7.3 million tonnes.